https://www.taxtmi.com/caselaws?id=20231 The High Court held in favor of the assessee, ruling that the excise duty collected constituted trading receipts and the refunded amount was deductible. The court found that the provisions of section 41(1) were applicable as the company had not treated the receipts as income or claimed deductions. The Tribunal's decision to allow deductions for the refund amounts was upheld, emphasizing the company's liability to refund the excise duty to customers. The reference was disposed of without costs. en-us Thu, 03 Feb 1994 00:00:00 +0530 Thu, 12 Nov 2009 16:25:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20231 The High Court held in favor of the assessee, ruling that the excise duty collected constituted trading receipts and the refunded amount was deductible. The court found that the provisions of section 41(1) were applicable as the company had not treated the receipts as income or claimed deductions. The Tribunal's decision to allow deductions for the refund amounts was upheld, emphasizing the company's liability to refund the excise duty to customers. The reference was disposed of without costs. Case-Laws Income Tax Thu, 03 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20231