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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Public Utilities Must Treat Consumer Deposits as Taxable Revenue, Subject to Review from 1972-73 Onward.</h1> The Board has noted that some public utility organizations are treating consumer deposits, meant as refundable security, as part of their profits by transferring them to general reserves. Upon review, the Board concludes that if these deposits resemble trading receipts, they are taxable as revenue income in the year received. Even if initially not a trading receipt, their transfer to general reserves makes them taxable. The Board instructs a review of completed assessments from the 1972-73 assessment year onward to address any revenue losses, with results due by September 30, 1976, detailing cases reviewed and identified errors.
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