https://www.taxtmi.com/caselaws?id=36286 The High Court held that the sales tax refund of Rs. 76,918 was not assessable for the assessment year 1971-72 as it accrued in the previous year. However, the refund was deemed taxable income in the hands of the assessee as it constituted part of the trading receipts, following precedents that such amounts were includible in total income. en-us Wed, 19 Mar 1980 00:00:00 +0530 Sat, 20 Mar 2010 14:04:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36286 The High Court held that the sales tax refund of Rs. 76,918 was not assessable for the assessment year 1971-72 as it accrued in the previous year. However, the refund was deemed taxable income in the hands of the assessee as it constituted part of the trading receipts, following precedents that such amounts were includible in total income. Case-Laws Income Tax Wed, 19 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36286