Case Law Details
Case Name : M/s. Steel Authority of India Ltd. Vs Commissioner of Central Excise, Raipur (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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CA Urvashi Porwal
Brief of the case
In the case of M/S. STEEL AUTHORITY OF INDIA LTD. VERSUS COMMISSIONER OF CENTRAL EXCISE, RAIPUR, it was held by Hon’ble Supreme Court that the case of levy of interest u/s 11AB on excise duty paid due to price escalation which has already been decided in the cases of SKF and Auto International requires a re-look and thus, directed the Registry to place the matter before the Hon’ble Chief Justice of India for constituting a Larger Bench to go into the issue involved in this case which is of seminal importance having far reaching ramifications.
Brief...
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A welcome judgment, brilliant
Supreme Court decision in the case of Gajapathy Naidu 1964 AIR 1653 explaining the time of accrual of income may be relevant . Following its earlier ruling in the case of D.Sassoon &Co Ltd case (1955 1 SCR 313 ) it was held that income accrues or arises when the assesse acquires the right for realising the same . Accordingly price escalation for the supply of bread by the assesse to the Govt hospitals was held taxable in the year in which the Govt fixed the quantum of escalation and approved the same even though it was against supplies made during the earlier years.