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2004 (12) TMI 20 - HC - Income Tax"1. Whether in law and on the facts of the case the Tribunal was justified in holding that the remaining amount of refund of excise duty of Rs. 30,851 which was distributed amongst the partners of the firm was not the income of the assessee-firm? 2. Whether in law and on the facts of the case the Tribunal was justified in holding that the amount of Rs. 30,851 was not assessable under section 41(1) of the Income-tax Act, 1961 in the year under consideration?" - it is dear that the case in hand falls under the first clause of section 41(1) of the Act. The transfer of unpaid excise credit to the profit and loss account of the assessee is chargeable as profit of the year to tax. We answer the above questions referred to us in the negative, i.e., in favour of the Department and against the assessee
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