TMI Blog2010 (1) TMI 1295X X X X Extracts X X X X X X X X Extracts X X X X ..... NT Ramachandran Nair, J. Heard Standing Counsel for the appellant-Revenue and Adv. Sri.P.Balakrishnan, appearing for the respondent-assessee. The question raised is whether the Tribunal was justified in cancelling assessment of Rs.25,27,734/- being the refund of turnover tax assessed by the department during the previous year relevant for the assessment year 1995-96. Standing Counsel su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment of this income in the hands of the assessee stands in the way of assessment of refund of tax under Section 41(1). If in any subsequent assessment year after 1988-89 the assessee claimed deduction of turnover tax on payment basis under Section 43B and later got refund by virtue of exemption allowed in appeal, the amount is assessable under Section 41(1) in the year in which refund is receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... versing the order of the Tribunal and restoring the assessment. However, if the assessee has not claimed deduction of the turnover tax on payment basis under Section 43B for 1990-91, 1991-92 and 1992-93 as stated in the order, then certainly there is no case for assessment of refund because if the amount happened to be assessed as it's income for any earlier year, repeated assessment is not ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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