https://www.taxtmi.com/caselaws?id=214189 Refund amounts received by an assessee and later returned to its principal were not treated as taxable cessation of liability under section 41(1) where the amounts were received from a port trust on behalf of customers, were returned whenever demanded, and the accounting treatment was accepted by the Tribunal. The Tribunal also relied on the fact that the balance refund amounts had been offered to tax in later assessment years and accepted by the Department. On these facts, no infirmity was found in the assessee's treatment, and the deletion of the section 41(1) addition was upheld. en-us Fri, 01 Jul 2011 00:00:00 +0530 Sat, 15 Dec 2012 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214189 Refund amounts received by an assessee and later returned to its principal were not treated as taxable cessation of liability under section 41(1) where the amounts were received from a port trust on behalf of customers, were returned whenever demanded, and the accounting treatment was accepted by the Tribunal. The Tribunal also relied on the fact that the balance refund amounts had been offered to tax in later assessment years and accepted by the Department. On these facts, no infirmity was found in the assessee's treatment, and the deletion of the section 41(1) addition was upheld. Case-Laws Income Tax Fri, 01 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214189