2016 (6) TMI 1316 - HC - Income Tax

Adjustment made on account of excess credit period - associate enterprise was bound o compensate the assessee for funds lying at the AE s disposal for a period beyond a credit period allowed by the assessee to third partner - exclusion of export benefits such as DEPB and duty draw back from the profit eligible for deduction under Section 80IB - Held that - this issue is mainly remanded by the Tribunal to the Assessing Officer. Such question is, therefore, not considered in this tax appeal.

Summary

The Gujarat High Court admitted a tax appeal to consider a substantial question of law regarding the adjustment made on account of excess credit period. The Revenue suggested another question regarding exclusion of export benefits from profit eligible for deduction under Section 80IB, but this issue was remanded to the Assessing Officer by the Tribunal and not considered in the appeal.