https://www.taxtmi.com/caselaws?id=61879 Amounts retained by a commission agent from sums payable to principals, under an arrangement that they would be refunded if turnover tax was not found payable, did not constitute the agent's trading receipts. Because the collections were not received from purchasers as tax, were recorded in the principals' accounts, and remained subject to a refund obligation, they did not assume the character of income or tax collections in the agent's hands. On that basis, section 43B was not attracted and the addition was deleted. The Tribunal also noted that the reassessment order exceeded the limited remand directions, which were confined to verifying the arrangement with the principals and the assessee's turnover tax liability. en-us Mon, 13 Feb 1995 00:00:00 +0530 Sat, 15 Jan 2011 17:50:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61879 Amounts retained by a commission agent from sums payable to principals, under an arrangement that they would be refunded if turnover tax was not found payable, did not constitute the agent's trading receipts. Because the collections were not received from purchasers as tax, were recorded in the principals' accounts, and remained subject to a refund obligation, they did not assume the character of income or tax collections in the agent's hands. On that basis, section 43B was not attracted and the addition was deleted. The Tribunal also noted that the reassessment order exceeded the limited remand directions, which were confined to verifying the arrangement with the principals and the assessee's turnover tax liability. Case-Laws Income Tax Mon, 13 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61879