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of <h1>Partnership Firm's Suspense Account Amounts as Trading Receipt: HC Decision Upheld by SC Precedent</h1> <h3>Nityananda Subudhi And Partners Versus Commissioner Of Income-Tax</h3> Nityananda Subudhi And Partners Versus Commissioner Of Income-Tax - [1987] 168 ITR 362, 31 TAXMANN 74 The High Court of Orissa held that the amount kept under suspense account by a partnership firm collecting tax payments is considered a trading receipt and should be included in the total income of the assessee. The decision was based on previous Supreme Court rulings. The reference was answered against the assessee with no costs.
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