https://www.taxtmi.com/caselaws?id=276851 A statutory repayment of excess profits tax under section 11(11) of the Indian Finance Act, 1946 was not treated as business income because the provision did not deem it to be part of trading receipts. The Bombay HC distinguished the express deeming language in the proviso to section 12 of the Excess Profits Tax Act and held that the repayment arose from a fiscal concession, not from business activity or a trading source. It was therefore taxable as statutory income under the residuary head, and relief under section 25(4) of the Income-tax Act, 1922 did not apply. en-us Tue, 11 Mar 1958 00:00:00 +0530 Mon, 19 Nov 2018 14:54:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276851 A statutory repayment of excess profits tax under section 11(11) of the Indian Finance Act, 1946 was not treated as business income because the provision did not deem it to be part of trading receipts. The Bombay HC distinguished the express deeming language in the proviso to section 12 of the Excess Profits Tax Act and held that the repayment arose from a fiscal concession, not from business activity or a trading source. It was therefore taxable as statutory income under the residuary head, and relief under section 25(4) of the Income-tax Act, 1922 did not apply. Case-Laws Income Tax Tue, 11 Mar 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276851