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2010 (1) TMI 1295
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....For the Respondent : ADV. SRI.P.BALAKRISHNAN (E), SRI.MOHAN PULICKAL JUDGMENT Ramachandran Nair, J. Heard Standing Counsel for the appellant-Revenue and Adv. Sri.P.Balakrishnan, appearing for the respondent-assessee. The question raised is whether the Tribunal was justified in cancelling assessment of Rs.25,27,734/- being the refund of turnover tax assessed by the department during the pr....
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....ear in which it is recovered from the principals. We do not think the assessment of this income in the hands of the assessee stands in the way of assessment of refund of tax under Section 41(1). If in any subsequent assessment year after 1988-89 the assessee claimed deduction of turnover tax on payment basis under Section 43B and later got refund by virtue of exemption allowed in appeal, the amoun....
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....e Tribunal is absolutely untenable. We, therefore, allow the appeal by reversing the order of the Tribunal and restoring the assessment. However, if the assessee has not claimed deduction of the turnover tax on payment basis under Section 43B for 1990-91, 1991-92 and 1992-93 as stated in the order, then certainly there is no case for assessment of refund because if the amount happened to be assess....