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Following the full bench decision of the Apex Court in the case of CIT v. Bharat Iron & Industries (199ITR67/70TAX353) the Gujarat High Court in the case of Visnagar Taluka Audyogik Sahakari Mandli Ltd. v. CIT (107TAX550) held that at the intermediary stage even if the amount of refund or part of refund is received in consequence of the Court’s order, the provisions of section 41(1) cannot be invoked.

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