https://www.taxtmi.com/caselaws?id=29170 The High Court of Madhya Pradesh held that the sales tax refund of Rs. 55,611 was taxable in the hands of the assessee for the assessment year 1969-70. The Court rejected the Tribunal's reasoning, emphasizing that if an amount constitutes a trading receipt and is accrued or received in the assessment year, it should be taxable in that year. The Court ruled against the assessee, directing the parties to bear their own costs in the reference. en-us Tue, 06 Nov 1979 00:00:00 +0530 Thu, 11 Mar 2010 12:26:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29170 The High Court of Madhya Pradesh held that the sales tax refund of Rs. 55,611 was taxable in the hands of the assessee for the assessment year 1969-70. The Court rejected the Tribunal's reasoning, emphasizing that if an amount constitutes a trading receipt and is accrued or received in the assessment year, it should be taxable in that year. The Court ruled against the assessee, directing the parties to bear their own costs in the reference. Case-Laws Income Tax Tue, 06 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29170