Case Law Details
Case Name : Grindwell Norton Ltd. vs. Addl. CIT (ITAT Mumbai)
Appeal Number : ITA No.528/Mum/2012
Date of Judgement/Order : 27.07.2016
Related Assessment Year : 2007-08
Courts :
All ITAT ITAT Mumbai
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CA Saurabh Chokhra
Brief of the case:
The ITAT Mumbai in the above cited case held that the surplus/savings arising on prepayment of deferred cannot be taxed u/s 28(iv) as by making prepayment of a future liabity at present value no monetary benefit arises to assessee as the savings it made by prepayment would get set off against the interest it loses by making prepayment.
Facts of the case:
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