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1961 (3) TMI 1 - SC - Income TaxWhether the repayment of excess profits tax made by the Central Government in pursuance of section 10 of the Indian Finance Act, 1942, or section 2 of the Excess Profits Tax Ordinance, 1943, is profits from business for the purposes of section 25(4) of the Indian Income-tax Act ? Held that:- The amount refunded did not lose its character which it had before the deposit and, therefore, it is an erroneous view to take that the income was assessable under section 12 of the Act and not under section 10. If it was income failing under section 10, as in our opinion it was, then the appellants were entitled to get the benefit of section 25(4) of the Act and the amount was not liable to taxation. Appeal allowed.
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