Case Law Details
Case Name : Schenectady Specialities Asia Pvt Ltd Vs ACIT (ITAT Mumbai)
Related Assessment Year :
Courts :
All ITAT ITAT Mumbai
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Background
The Mumbai Tribunal has recently held in the case of Schenectady Specialities Asia Pvt. Ltd. that the difference between the sales tax collected but not deposited by the assessee with the Government under a sales tax deferral scheme, and the amount settled by the assessee under the premature payment option, is to be treated as income of the assessee, for the assessment year in which such sales tax liability is discharged.
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