2022 (10) TMI 666 - SCH - Income Tax

Refund of turnover tax assessed by the department - income assessable under Section 41(1) - As per HC if deduction of turnover tax paid was allowed in the assessment for any year prior to the year in which refund is issued, then the refund amount is assessable in the year in which it is received by virtue of operation of Section 41(1) - HELD THAT - An order of remand to the High Court is required, however, we are not inclined to pass remit order, as the issue, in our opinion, has been correctly decided. Remand in the present appeal will only entail extra expenditure on the part of the assessee and would not be in the interest of justice. Hence, we decline to exercise our power under Article 136 of the Constitution of India and dismiss the present appeal.

Summary

The Supreme Court of India declined to pass a remit order in a case, as the issue was correctly decided. They dismissed the appeal to avoid extra expenditure for the assessee. No remand to the High Court was ordered.