https://www.taxtmi.com/caselaws?id=71552 Amounts retained from cane-price payments were not taxable trading receipts where their real character was a legally enforceable liability rather than the assessee's own money. Non-refundable deposits retained under bye-law 61A were phased contributions toward share capital, carried interest, were shown as liabilities, and were convertible into shares, so they were not income. Refundable deposits under bye-law 61B were repayable after a fixed period with interest and were plainly borrowed money. Other compulsory deductions made under Government directions were collected for specified purposes under legal obligation and did not become taxable income. The additions treating these amounts as income were therefore unsustainable. en-us Thu, 16 Jan 1992 00:00:00 +0530 Fri, 22 Nov 2019 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71552 Amounts retained from cane-price payments were not taxable trading receipts where their real character was a legally enforceable liability rather than the assessee's own money. Non-refundable deposits retained under bye-law 61A were phased contributions toward share capital, carried interest, were shown as liabilities, and were convertible into shares, so they were not income. Refundable deposits under bye-law 61B were repayable after a fixed period with interest and were plainly borrowed money. Other compulsory deductions made under Government directions were collected for specified purposes under legal obligation and did not become taxable income. The additions treating these amounts as income were therefore unsustainable. Case-Laws Income Tax Thu, 16 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71552