Recent judgement on excise refund

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P&H HIGH COURT IN CIT vs M/S AGGARWAL STEEL ROLLING MILLS -SECTION 41(1) EXCISE REFUND â€œTherefore, in view of the aforesaid judgment, which covers the issue in the present case, it is held that the refund of excise duty received during the relevant assessment year, would be taxable in that year and mere show cause notice to dispute such refund cannot be interpreted to mean that income is not taxable during the said year. The assessee shall be entitled to claim expenditure of such excise duty, if it is found payable in pursuance of the show cause notices during the assessment year in which such liability is discharged.â€ find the enclosed file for judgement.......... #pdf

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