https://www.taxtmi.com/caselaws?id=183824 A refund of excess profits tax was treated as taxable income in the year of receipt rather than being spread over earlier chargeable accounting periods. The court applied the principle that a taxpayer cannot approbate and reprobate: where the assessee had earlier represented that its profits were liable to excess profits tax and thereby obtained the statutory benefit of avoiding the compulsory deposit, it was not open to later deny that liability when the refund was received. The proviso in the Finance Act was read consistently with the earlier provision, and the repayment was brought to tax in the assessment year of receipt. en-us Fri, 01 Mar 1957 00:00:00 +0530 Wed, 22 Jun 2016 16:37:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183824 A refund of excess profits tax was treated as taxable income in the year of receipt rather than being spread over earlier chargeable accounting periods. The court applied the principle that a taxpayer cannot approbate and reprobate: where the assessee had earlier represented that its profits were liable to excess profits tax and thereby obtained the statutory benefit of avoiding the compulsory deposit, it was not open to later deny that liability when the refund was received. The proviso in the Finance Act was read consistently with the earlier provision, and the repayment was brought to tax in the assessment year of receipt. Case-Laws Income Tax Fri, 01 Mar 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183824