Refund of excise duty would be taxable u/s 41(1)

[2015] 57 taxmann.com 61 (Gujarat)

HIGH COURT OF GUJARAT

Deputy Commissioner of Income-tax (Assessment)

v.

Ahmedabad Advance Mills Ltd

Section 41(1) of the Income-tax Act, 1961 - Remission or cessation of trading liability (Excise duty refund) - Assessment year 1989-90 - Whether excise duty refund received by assessee under section 41(1) would be taxable - Held, yes [Para 4] [In favour of revenue]