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ThynkTax /Tax Reference /Case Laws /Excel Industries - DEPB licences

Excel Industries - DEPB licences

Supreme Court of India·2013·ITR
Facts

Recognition of income on accrual of DEPB licences vs realisation on sale of licences.

Issue

Year of taxability - when right accrues or when realised?

Held

Income on DEPB licences arises only when the licences are sold or utilised, not on accrual.

Ratio

Accrual under mercantile system requires reasonable certainty of realisation.

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