https://www.taxtmi.com/caselaws?id=148699 Sales tax collected from purchasers was held to be a trading receipt where it was not kept as a separate deposit, was mixed with the assessee's business funds, and was treated in the books as part of business liabilities rather than as money held outside the business. The decisive factor was the manner of receipt and treatment at collection, not merely a possible contingent obligation to refund or deposit the amount. The court distinguished cases where tax is separately received and retained for the Government or for refund, in which no beneficial interest accrues to the dealer. On these facts, the amount was includible in total income. en-us Mon, 10 Feb 1969 00:00:00 +0530 Thu, 02 May 2013 12:21:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=148699 Sales tax collected from purchasers was held to be a trading receipt where it was not kept as a separate deposit, was mixed with the assessee's business funds, and was treated in the books as part of business liabilities rather than as money held outside the business. The decisive factor was the manner of receipt and treatment at collection, not merely a possible contingent obligation to refund or deposit the amount. The court distinguished cases where tax is separately received and retained for the Government or for refund, in which no beneficial interest accrues to the dealer. On these facts, the amount was includible in total income. Case-Laws VAT and Sales Tax Mon, 10 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=148699