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1959 (3) TMI 4 - SC - Income TaxWhether on the above facts and circumstances of this case the Tribunal was right in holding that the sum of ₹ 2,31,009 was income of the assessee during the assessment year under consideration and was liable to be assessed under the Indian Income-tax Act ? Held that:- The amount received as repayment of excess profits tax must be deemed to be " income " for the purposes of the Indian Income-tax Act and for assessment it must be treated as income of the previous year. The answer to question given by the Calcutta High Court was thus correct. Appeal dismissed.
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