https://www.taxtmi.com/caselaws?id=49605 A statutory repayment of excess profits tax was treated as taxable income because section 11(14) of the Indian Finance Act, 1946 created a double fiction: the repayment was deemed income and was treated as income of the relevant previous year for assessment. Construing the provision with the corresponding English rule, the Supreme Court noted that the fiction was sufficient to fasten income-tax liability without further proof of territorial source. The distinction between income inside and outside the taxable territory did not prevent assessment. The repayment was therefore assessable as income in the year of receipt, and the assessment was upheld. en-us Mon, 16 Mar 1959 00:00:00 +0530 Thu, 04 Sep 2014 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49605 A statutory repayment of excess profits tax was treated as taxable income because section 11(14) of the Indian Finance Act, 1946 created a double fiction: the repayment was deemed income and was treated as income of the relevant previous year for assessment. Construing the provision with the corresponding English rule, the Supreme Court noted that the fiction was sufficient to fasten income-tax liability without further proof of territorial source. The distinction between income inside and outside the taxable territory did not prevent assessment. The repayment was therefore assessable as income in the year of receipt, and the assessment was upheld. Case-Laws Income Tax Mon, 16 Mar 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49605