https://www.taxtmi.com/caselaws?id=151520 The Court ruled that the sales tax amount collected by the assessee was not includible in its total income for the assessment year 1968-69. The Court held that under the mercantile system of accounting, the sales tax was considered a liability and did not form part of the income. However, the sales tax refund received by the assessee was deemed includible in its total income for the same assessment year. The Court directed that any future deductions from the sales tax claim would be included in the income during that year. en-us Mon, 15 Dec 1975 00:00:00 +0530 Thu, 06 Jun 2013 17:53:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151520 The Court ruled that the sales tax amount collected by the assessee was not includible in its total income for the assessment year 1968-69. The Court held that under the mercantile system of accounting, the sales tax was considered a liability and did not form part of the income. However, the sales tax refund received by the assessee was deemed includible in its total income for the same assessment year. The Court directed that any future deductions from the sales tax claim would be included in the income during that year. Case-Laws VAT and Sales Tax Mon, 15 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151520