Supreme Court of India
M/s. Polyflex (india) Pvt. Ltd. v. Commissioner of Income Tax, Karnataka
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From the headnote
Income Tax Act, 1961; Section 41 (1): Applicability of the provision Deduction made in the assessment in earlier years in respect of expenditure/ trading liability-Subsequently refund obtained by the assessee-Held, the amount refunded is taxable during the year it was obtained. Expenditure and trading liability-Distinction between-Though these are overlapping concepts the law-makers apparently intended to deal with allied concepts separately to effectuate the objective underlying the provision.
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