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Case Law Details

Case Name : Schenectady Specialities Asia Pvt Ltd Vs ACIT (ITAT Mumbai)
Related Assessment Year :
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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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