Waiver of differed sales tax liability is business income taxable u/s. 28(iv)

Oricon Enterprises Ltd Vs DCIT (ITAT Mumbai) ITAT Mumbai held that the waiver of differed sales tax liability is a benefit accrued to the assessee arising out of its business hence the sum waived is taxable under section 28(iv) of the Income Tax Act. Accordingly, appeal of assessee dismissed. Facts- The only issue to be adjudicated in this case is whether the amount credited to profit and loss account on prepayment of deferred sales tax liability at Net Present Value (NPV) by invoking section 2(24)(xviii) of the I.T. Act as “income” rejecting the appellant’s claim of non-taxability of th...