1997 (8) TMI 7

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... efund was a revenue receipt liable to tax u/s 41(1) - but deduction will be allowed when the same was refunded to the purchasers. - - - - - Dated:- 27-8-1997 - S. SAGHIR AHMAD. and SUHAS C. SEN. JUDGMENT The question referred in this case is as under (see [1984] 147 ITR 657) : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in deleting the sum of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t back an amount of Rs. 1,37,379 as refund. The entire amount of sales turnover of the assessee inclusive of the amount of tax collected was clearly includible in the assessee's taxable income. If any deduction was given from that income and later the same was refunded back to the assessee, the refund will have the character of revenue receipt. It has to be treated as a receipt on the revenue acco .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X