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. Phrases .. obtained any amount in respect of loss or expenditure" and "some benefit in respect of
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