https://www.taxtmi.com/caselaws?id=150722 The High Court held that excess sales tax collections are to be treated as trading receipts of the assessee. The method of accounting on a cash basis for sales tax collections and payments determines the deduction for sales tax liability in calculating income. The court disagreed with the Appellate Tribunal's view that the excess collections are a trust fund to be handed over to the Government, instead considering them as part of the assessee's trading receipts. en-us Thu, 27 Sep 1973 00:00:00 +0530 Tue, 21 May 2013 17:56:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=150722 The High Court held that excess sales tax collections are to be treated as trading receipts of the assessee. The method of accounting on a cash basis for sales tax collections and payments determines the deduction for sales tax liability in calculating income. The court disagreed with the Appellate Tribunal's view that the excess collections are a trust fund to be handed over to the Government, instead considering them as part of the assessee's trading receipts. Case-Laws VAT and Sales Tax Thu, 27 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=150722