https://www.taxtmi.com/caselaws?id=16350 The High Court held that the refund of electricity charges was not taxable for the assessment year 1977-78. It emphasized the necessity of actual receipt of income for tax liability under section 41(1) of the Income-tax Act, 1961, rejecting the concept of 'capable of being obtained.' The decision clarified the interpretation of legal terms and underscored the role of judicial precedents in resolving tax disputes. en-us Fri, 22 May 1998 00:00:00 +0530 Mon, 07 Sep 2009 12:00:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16350 The High Court held that the refund of electricity charges was not taxable for the assessment year 1977-78. It emphasized the necessity of actual receipt of income for tax liability under section 41(1) of the Income-tax Act, 1961, rejecting the concept of 'capable of being obtained.' The decision clarified the interpretation of legal terms and underscored the role of judicial precedents in resolving tax disputes. Case-Laws Income Tax Fri, 22 May 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16350