https://www.taxtmi.com/caselaws?id=175743 A refund of excise kist earlier allowed as revenue expenditure was held taxable as a trading receipt under the Indian Income-tax Act, 1922. The court distinguished mere remission of liability from an actual refund received by adjustment and credited in the assessee's accounts on the cash basis, treating recoupment of business outgoings as income when received or credited. Authorities dealing only with remission under a mercantile system were distinguished. The later provision dealing with refunds and remissions was regarded as declaratory of the existing position, and the amount was not treated as a casual receipt. en-us Fri, 12 Jul 1963 00:00:00 +0530 Fri, 04 Dec 2015 12:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175743 A refund of excise kist earlier allowed as revenue expenditure was held taxable as a trading receipt under the Indian Income-tax Act, 1922. The court distinguished mere remission of liability from an actual refund received by adjustment and credited in the assessee's accounts on the cash basis, treating recoupment of business outgoings as income when received or credited. Authorities dealing only with remission under a mercantile system were distinguished. The later provision dealing with refunds and remissions was regarded as declaratory of the existing position, and the amount was not treated as a casual receipt. Case-Laws Income Tax Fri, 12 Jul 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175743