https://www.taxtmi.com/caselaws?id=78610 The High Court upheld the addition made on account of Excise Duty Refund as taxable income for the assessment year 1987-88, ruling in favor of the revenue based on the interpretation of Section 41(1) of the Income Tax Act. The Court relied on the precedent set in a similar case where the Supreme Court held that once an assessee receives a refund for an expense previously claimed as a deduction, it constitutes taxable income, regardless of the possibility of the refund being set aside in the future. en-us Mon, 05 Jul 2010 00:00:00 +0530 Fri, 03 Dec 2010 02:09:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78610 The High Court upheld the addition made on account of Excise Duty Refund as taxable income for the assessment year 1987-88, ruling in favor of the revenue based on the interpretation of Section 41(1) of the Income Tax Act. The Court relied on the precedent set in a similar case where the Supreme Court held that once an assessee receives a refund for an expense previously claimed as a deduction, it constitutes taxable income, regardless of the possibility of the refund being set aside in the future. Case-Laws Income Tax Mon, 05 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78610