P&H HIGH COURT IN CIT vs M/S AGGARWAL STEEL ROLLING MILLS -SECTION 41(1) EXCISE REFUND 

“Therefore, 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.”

BOMBAY HIGH COURT  IN CIT vs. M/S ENAKSHI SILK  MILLS PVT. LTD.: RENTALS PROPERTY HEAD OF TAXATION HELD: 

“Whether, on the facts and in the circumstances of the case, the Tribunal was correct in treating the income from leased premises given on further rent as business income and not as income from other sources”  HELD: “The Tribunal has, in our view, correctly come to the conclusion that the income which has arisen from the Business Center was liable to be assessed as income from business and not as income from other sources. The finding of fact is that the assessee had taken premises on rent and had furnished it as a Business Center, which was equipped with all requisite facilities. On the facts, therefore, the Tribunal was justified in drawing an inference that the assessee had exploited the premises as a commercial venture and that the income would, therefore, have to be assessed as income from business. Moreover, both in the earlier assessment year and in the subsequent assessment year, the assessment of income was under the head income from business. The Tribunal has correctly applied the principles of consistency.”

(click here for judgment)