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Case Law Details

Case Name : PCIT Vs Gravita Metal Inc. (Jammu and Kashmir High Court)
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PCIT Vs Gravita Metal Inc. (Jammu and Kashmir High Court)

In the case of PCIT Vs Gravita Metal Inc., the Jammu and Kashmir High Court addressed the issue of excise duty exemption and its taxability under the Income Tax Act. The Income Tax Appellate Tribunal (ITAT) had dismissed the Revenue’s appeal and allowed the respondent’s appeal. The respondent, a taxpayer, had claimed an excise duty refund as a capital receipt and sought exemption under Section 10 of the Income Tax Act. The Revenue contested the claim, arguing that excise duty refunds should be considered income a

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