Supreme Court · 2002 INSC 367 · Decided 6 September 2002
M/S. Polyflex (India) PVT. LTD. v. Commissioner of Income Tax, Karnataka
- Court
- Supreme Court of India
- Citation
- 2002 INSC 367 · [2002] SUPP. 2 S.C.R. 123
- Case number
- CIVIL APPEAL No. 823/2001
- Decided
- 6 September 2002
- Bench
- S. RAJENDRA BABU, K.G. BALAKRISHNAN, P. VENKATARAMA REDDI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 41(1)
Headnote
Income Tax Act, 1961; Section 41 (1): Applicability of the provision­ Deduction made in the assessment in earlier years in respect of expenditure/ C trading liability-Subsequently refund obtained by the assessee-Held, the amount refunded is taxable during the year it was obtained. Expenditure these are overlapping concepts the law-makers apparently intended to deal with allied concepts separately to effectuate the objective underlying the provision. D Phrases .. obtained any amount in respect of loss or expenditure" and "some benefit in respect of such liability by
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