https://www.taxtmi.com/caselaws?id=9364 The court held that the remaining amount of refund of excise duty distributed among partners of a firm constitutes income of the assessee-firm and should be added to the total income under section 41(1) of the Income-tax Act, 1961. Additionally, the amount not refunded to customers but credited in the assessment year was deemed assessable under section 41(1) as profits chargeable to tax. The court ruled in favor of the Department, concluding that both amounts were subject to taxation under section 41(1) of the Act, ultimately deciding against the assessee. en-us Thu, 02 Dec 2004 00:00:00 +0530 Mon, 22 Jun 2009 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9364 The court held that the remaining amount of refund of excise duty distributed among partners of a firm constitutes income of the assessee-firm and should be added to the total income under section 41(1) of the Income-tax Act, 1961. Additionally, the amount not refunded to customers but credited in the assessment year was deemed assessable under section 41(1) as profits chargeable to tax. The court ruled in favor of the Department, concluding that both amounts were subject to taxation under section 41(1) of the Act, ultimately deciding against the assessee. Case-Laws Income Tax Thu, 02 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9364