https://www.taxtmi.com/caselaws?id=433791 The Tribunal allowed the assessee's appeal, concluding that the refunded amount of Rs. 80,50,000/- should not be taxed as it was not part of the assessee's real income. The Tribunal emphasized that only real income should be taxed and that amounts refunded due to contractual obligations should not be considered as income for taxation purposes. The Tribunal set aside the CIT(A)'s order and accepted the revised return reflecting the actual income, excluding the refunded amount. en-us Tue, 31 Jan 2023 00:00:00 +0530 Thu, 09 Feb 2023 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433791 The Tribunal allowed the assessee's appeal, concluding that the refunded amount of Rs. 80,50,000/- should not be taxed as it was not part of the assessee's real income. The Tribunal emphasized that only real income should be taxed and that amounts refunded due to contractual obligations should not be considered as income for taxation purposes. The Tribunal set aside the CIT(A)'s order and accepted the revised return reflecting the actual income, excluding the refunded amount. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433791