2010 (10) TMI 638

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..... g to dispute this factual aspect - In such a situation, the Tribunal rightly held that no income accrued till claim of the assessee was quantified and verified - Do not find it necessary to give direction to the Tribunal to refer the said question for opinion of this Court. Disallowance - Personal use of cars by the Directors of the company - learned counsel for the revenue fairly states that the .....

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..... ck accrues in the year in which rate is fixed by the competent authority, after verification of the claim of the assessee to be in order and the amount is quantified and not in the year of export even if the assessee keeps its account on mercantile basis? (ii) Whether on the facts and in the circumstances of the case, the ITAT was right in law in holding that no disallowance on account of perso .....

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..... er to receive the draw back though that is certainly the starting point. There may, however, be a slip between the cup and the lip the draw back actually accrues when the duty draw back rate is fixed by the competent authority and the assessee's claim after examination has been found in order. Since the quantification of the assessee claim and its verification did not fall in the year under consid .....

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