Excise Duty Exemption Not Taxable Under Income Tax Act: Jammu & Kashmir And Ladakh HC [Read Order]
The court held that whether an amount is to be considered as income or not is to be determined on the basis of the Income Tax Law and not on the basis of the entries made in the books of accounts.
The Jammu & Kashmir And Ladakh High Court has held that excise duty exemption is not taxable under Income Tax Act, 1961 as it amounts to capital receipt. The court held that whether an amount is to be considered as income or not is to be determined on the basis of the Income Tax Law…
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