https://www.taxtmi.com/caselaws?id=148417 Sales tax amounts collected by an auctioneer from purchasers were treated as trading receipts because their character was determined when received in the course of the auction business. Separate billing, separate accounting, or the possibility of later payment to the State or refund to purchasers did not change their commercial character at receipt. The amounts were therefore includible in business income, and the taxability of the disputed collections was upheld against the assessee. en-us Tue, 18 Jun 1968 00:00:00 +0530 Fri, 26 Apr 2013 18:10:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=148417 Sales tax amounts collected by an auctioneer from purchasers were treated as trading receipts because their character was determined when received in the course of the auction business. Separate billing, separate accounting, or the possibility of later payment to the State or refund to purchasers did not change their commercial character at receipt. The amounts were therefore includible in business income, and the taxability of the disputed collections was upheld against the assessee. Case-Laws VAT and Sales Tax Tue, 18 Jun 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=148417