No remission of liability on settlement of deferred sales tax liability at net present value

Court : Special Bench of the Mumbai Income Tax Appellate Tribunal Citation : Sulzer India Ltd. , [AIT-2010-503-ITAT] Brief  : A recent decision of the Special Bench (SB) of the Mumbai Income Tax Appellate Tribunal (Tribunal) [AIT-2010-503-ITAT] in the case of Sulzer India Ltd. (Taxpayer) on the issue of whether settlement of deferred sales tax liability, under an option made available by the statutory authority to pay the net present value (NPV) of the liability payable in future, is chargeable to tax under the provisions of the Income Tax Laws (ITL). The benefit obtained on remission or ces...