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2006 (7) TMI 144 - KERALA HIGH COURTBusiness receipt – section 41(2) - "1. Whether, on the facts and in the circumstances of the case, the amount of Rs. 55,28,862 being the refund of countervailing duty received by the assessee during the year of account relevant to the assessment year 1987-88 could be brought to tax in the assessment year 1987-88 under the provisions of section 41(1)? - Tribunal in our view had erred in not treating the refund as cash obtained of an expenditure allowed in prior years. The Tribunal's finding that the refund relates to an amount paid by the assessee out of profit for the year 1980 or so cannot be sustained. – question is answered in favour of the Revenue and against the assessee - appeal is therefore allowed - order of the Commissioner (Appeals) and that of the Tribunal are set aside
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