2000 (1) TMI 8

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..... law arising out of its order dated August 12, 1996, in respect of the assessment year 1989-90 under section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that excise duty refund is not assessable under section 41(1) of the Income-tax Act ?" The facts of the case are that for the assessment year 1989-9 .....

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..... he Supreme Court. Hence, this reference application by the Revenue was moved. In respect of remission of liability if the assessee has obtained the refund from the Government, then the provisions are applicable as held in CIT v. Thirumalaiswamy Naidu and Sons [1998] 230 ITR 534. Learned counsel for the assessee submitted that the amount has not been received by the assessee and, therefore, t .....

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