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2015 (2) TMI 904 - HC - Income TaxExcise duty refund received - taxability u/s 41(1) - ITAT deleted the addition - Held that:- In view of the decision in the case of Polyflex (India) Pvt. Ltd. v. CIT reported in [2002 (9) TMI 4 - SUPREME Court] wherein, the hon'ble Supreme Court has held that the refund of excise duty has to be treated as deemed profit. In that view of the matter, the above decision of the hon'ble Supreme Court, the judgment which is sought to be relied upon by the Tribunal in the case of CIT v. Bharat Iron and Steel Industries reported in [1992 (1) TMI 40 - GUJARAT High Court] is reversed. - Decided in favour of revenue.
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