https://www.taxtmi.com/caselaws?id=60991 The Appellate Tribunal ITAT Chandigarh ruled in an appeal by a partnership firm that refunds received during the assessment year 1978-79 were not taxable under section 41(1) of the Income-tax Act, 1961. The Tribunal determined that the ongoing dispute with the Central Excise Department regarding the refunds prevented a clear cessation of trading liability, distinguishing the case from precedent judgments. This decision overturned the Commissioner (Appeals) ruling and favored the assessee partnership firm, concluding that the refunds were not taxable due to the unresolved dispute with the excise department. en-us Wed, 24 Feb 1982 00:00:00 +0530 Thu, 10 Nov 2016 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60991 The Appellate Tribunal ITAT Chandigarh ruled in an appeal by a partnership firm that refunds received during the assessment year 1978-79 were not taxable under section 41(1) of the Income-tax Act, 1961. The Tribunal determined that the ongoing dispute with the Central Excise Department regarding the refunds prevented a clear cessation of trading liability, distinguishing the case from precedent judgments. This decision overturned the Commissioner (Appeals) ruling and favored the assessee partnership firm, concluding that the refunds were not taxable due to the unresolved dispute with the excise department. Case-Laws Income Tax Wed, 24 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60991