https://www.taxtmi.com/caselaws?id=69044 The tribunal ruled in favor of the assessee, determining that the amounts collected as deposits for bottles were not to be treated as income due to the liability to repay them. The tribunal distinguished the case from precedent, highlighting that the bottles were under a bailment arrangement, not sold, and the deposits were taken to ensure their return. As the distributor had an obligation to return the bottles, the tribunal concluded the amounts were deposits, not income. The addition to the total income was deleted, and the ITO was directed to recalculate the income and adjust the partners' assessments accordingly. The appeal was allowed. en-us Tue, 23 Apr 1991 00:00:00 +0530 Mon, 04 Apr 2011 17:29:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69044 The tribunal ruled in favor of the assessee, determining that the amounts collected as deposits for bottles were not to be treated as income due to the liability to repay them. The tribunal distinguished the case from precedent, highlighting that the bottles were under a bailment arrangement, not sold, and the deposits were taken to ensure their return. As the distributor had an obligation to return the bottles, the tribunal concluded the amounts were deposits, not income. The addition to the total income was deleted, and the ITO was directed to recalculate the income and adjust the partners' assessments accordingly. The appeal was allowed. Case-Laws Income Tax Tue, 23 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69044