https://www.taxtmi.com/caselaws?id=211601 The High Court ruled in favor of the Revenue, holding that the excise duty refund received by the respondent-assessee was assessable under Section 41(1) of the Income Tax Act, 1961. The Court emphasized the distinction between trading liability and loss/expenditure, stating that the cessation or remission of liability is crucial for trading liability but not for loss/expenditure. The Court disagreed with the respondent's arguments and concluded that the cessation or remission of liability is irrelevant when the amount has been received. The appeal was disposed of without costs, with the Court ruling against the assessee. en-us Thu, 15 Mar 2012 00:00:00 +0530 Fri, 25 Oct 2013 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211601 The High Court ruled in favor of the Revenue, holding that the excise duty refund received by the respondent-assessee was assessable under Section 41(1) of the Income Tax Act, 1961. The Court emphasized the distinction between trading liability and loss/expenditure, stating that the cessation or remission of liability is crucial for trading liability but not for loss/expenditure. The Court disagreed with the respondent's arguments and concluded that the cessation or remission of liability is irrelevant when the amount has been received. The appeal was disposed of without costs, with the Court ruling against the assessee. Case-Laws Income Tax Thu, 15 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211601