https://www.taxtmi.com/caselaws?id=70262 Sales-tax collections separately accounted for under the mercantile system and remitted to the State in the next month were not to be added again as trading receipts merely because they appeared as credit balances. On the facts accepted, the amount represented March collections paid over in April, so the proposed income addition failed. The appellate authority was also competent to examine the levy of interest in appeal, recompute it after reducing assessed income, and grant partial waiver on the facts found. The Revenue's challenge therefore failed, and the relief granted to the assessee was sustained. en-us Wed, 05 Feb 1986 00:00:00 +0530 Fri, 15 Apr 2011 11:04:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70262 Sales-tax collections separately accounted for under the mercantile system and remitted to the State in the next month were not to be added again as trading receipts merely because they appeared as credit balances. On the facts accepted, the amount represented March collections paid over in April, so the proposed income addition failed. The appellate authority was also competent to examine the levy of interest in appeal, recompute it after reducing assessed income, and grant partial waiver on the facts found. The Revenue's challenge therefore failed, and the relief granted to the assessee was sustained. Case-Laws Income Tax Wed, 05 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70262