Bombay High Court Allows Revenue Appeal in Income Tax Case — Gain on Pre-payment of Deferred VAT/Sales Tax Held as Revenue Receipt. The court held that the benefit arising from prepayment of deferred sales tax liability at a discounted NPV is a revenue receipt taxable under Section 41(1) of the Income Tax Act, 1961, as it represents a remission or cessation of a trading liability.
5 Feb 2020The appeal was filed by the Revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) dated...
