Supreme Court of India
Commissioner of Income Tax v. M/s Excel Industries Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
3 Supreme Court benches have cited this judgment.
What the Court ordered
For the aforesaid reasons, we dismiss the civil appeals with no order as to costs, but with the hope that the Revenue implements its litigation policy a little more practically and a little more seriously.
Judgment, page 14
From the headnote
Income Tax Act, 1961 - s.28(iv) - 'Advance licence benefit' and 'duty entitlement pass book benefit' under import export policy - Taxability of - relevant assessment year - Whether the year of receipt of benefit or the year in which such benefits are actually utilized - Held: Income becomes taxable when it is accrued - Income tax cannot be levied on hypothetical income - Income can be said to have accrued when it becomes due and is accompanied by a corresponding liability of the other party to pay the amount - The benefits in the present case could be hypothetical income until the goods are
Authorities it was built on
Where later benches applied it
- 2017 Commissioner of Income Tax v. Balbir Singh Maini
- 2016 Vatsala Shenoy v. Joint Commissioner of Income Tax
- 2026 M/s Jindal Equipment Leasing Consultancy Services Ltd. v. Commissioner of Income Tax
Of those, 2 relied on · 1 referred to
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