https://www.taxtmi.com/caselaws?id=75728 The Supreme Court held that refunds of excise duty received during the relevant assessment year are taxable in that year, regardless of ongoing disputes or show-cause notices. The court emphasized that when an assessee receives a refund related to earlier business expenditure, it falls under the taxable income clause. The mere existence of show-cause notices disputing the refund does not exempt it from taxation. The assessee can claim the expenditure if found payable in the future due to the show-cause notices during the assessment year when the liability is discharged. The ruling favored the Revenue, confirming the taxability of the refunds received from the Central Excise Department during the relevant assessment year. en-us Fri, 08 Jan 2010 00:00:00 +0530 Thu, 31 Jan 2013 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75728 The Supreme Court held that refunds of excise duty received during the relevant assessment year are taxable in that year, regardless of ongoing disputes or show-cause notices. The court emphasized that when an assessee receives a refund related to earlier business expenditure, it falls under the taxable income clause. The mere existence of show-cause notices disputing the refund does not exempt it from taxation. The assessee can claim the expenditure if found payable in the future due to the show-cause notices during the assessment year when the liability is discharged. The ruling favored the Revenue, confirming the taxability of the refunds received from the Central Excise Department during the relevant assessment year. Case-Laws Income Tax Fri, 08 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75728