Character of income - Served from India Scheme Scrips - SFIS ...

Case Laws     Income Tax

December 5, 2022

Character of income - Served from India Scheme Scrips - SFIS credit available through a specific certificate as furnished to each vendor has been utilized to make purchases of capital goods at net of Excise prices. Those capital assets have then been capitalized at the purchase value. Clearly therefore, SFIS credit is not in the nature of income. SFIS credit goes to reduce the cost of capital goods purchased by the Assessee - AT

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