CIT Vs Punjab Bone Mills (Punjab and Haryana High Court)
Punjab and Haryana High Court held that date of submission of claim would be recognized on accrual of cash incentive and not from date of submission or receipt of cash incentive.
Facts- Question raised vide the present petition is that whether on the facts and in the circumstances of the case, the ITAT is right in law in holding that cash incentive accrues to the assessee on the date when the application for claim is made to the Competent Authority?
Conclusion- Held that it is apparent that while on facts, it would be for the concerned officer to examine as to what are the cash incentives allowed in each quarter, but so far as the question is concerned, we confirm and take the same view as already taken by this Court in the earlier case of the respondent, and hold that it is on the date of submission of claim that the accrual of cash incentive would be recognized and not from the date of submission or receipt of cash incentive. Thus, the reference is accordingly answered in favour of the assesse e-respondent and against the Revenue.
FULL TEXT OF THE JUDGMENT/ORDER OF PUNJAB AND HARYANA HIGH COURT
