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of <h1>CBDT Circular: Taxability of Excise Duty Refunds u/s 41 of Income-tax Act; Compliance by April 30, 1981.</h1> The circular from the Central Board of Direct Taxes (CBDT) dated January 22, 1981, addresses the taxability of excise duty refunds under Section 41 of the Income-tax Act. It highlights that refunds of excise duty, resulting from appeal orders or otherwise, may not always be reported to the Income Tax Department. The circular instructs tax authorities to verify whether such refunds, particularly those exceeding Rs. 50,000, have been accounted for by assessees in their income tax returns. Authorities are required to provide a compliance report by April 30, 1981, and to proactively gather information on such refunds independently.
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