https://www.taxtmi.com/caselaws?id=49498 Repayment of excess profits tax was treated as business income where the original levy had been paid out of business profits and allowed as a deduction in computing business income. Section 11(11) of the Finance Act, 1946 deemed such repayment to be income for the purposes of the Indian Income-tax Act, 1922 and to be assessed in the relevant previous year. On that basis, and because the tax was connected with business profits, the repayment retained its character as profits of business. It therefore fell under section 10 and did not fall under section 12; the assessee was entitled to the benefit of section 25(4). en-us Wed, 01 Mar 1961 00:00:00 +0530 Sat, 30 Aug 2014 20:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49498 Repayment of excess profits tax was treated as business income where the original levy had been paid out of business profits and allowed as a deduction in computing business income. Section 11(11) of the Finance Act, 1946 deemed such repayment to be income for the purposes of the Indian Income-tax Act, 1922 and to be assessed in the relevant previous year. On that basis, and because the tax was connected with business profits, the repayment retained its character as profits of business. It therefore fell under section 10 and did not fall under section 12; the assessee was entitled to the benefit of section 25(4). Case-Laws Income Tax Wed, 01 Mar 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49498