https://www.taxtmi.com/caselaws?id=12199 The Tribunal held that excise duty collection constitutes a trading receipt and excise duty refund is taxable under section 41(1) of the Income-tax Act. The court rejected the assessee's argument that the collection was not claimed as an expenditure in the past, emphasizing that the nature of the collection remained unchanged. Relying on precedents, the Tribunal determined that amounts collected as sales tax or excise duty are trading receipts and must be included in total income. Consequently, the Tribunal upheld the addition of the excise duty refund as income, ruling in favor of the Revenue against the assessee. en-us Wed, 30 Oct 2002 00:00:00 +0530 Fri, 19 Feb 2010 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12199 The Tribunal held that excise duty collection constitutes a trading receipt and excise duty refund is taxable under section 41(1) of the Income-tax Act. The court rejected the assessee's argument that the collection was not claimed as an expenditure in the past, emphasizing that the nature of the collection remained unchanged. Relying on precedents, the Tribunal determined that amounts collected as sales tax or excise duty are trading receipts and must be included in total income. Consequently, the Tribunal upheld the addition of the excise duty refund as income, ruling in favor of the Revenue against the assessee. Case-Laws Income Tax Wed, 30 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12199