https://www.taxtmi.com/article/detailed?id=127 Sales tax and VAT collected by registered dealers are levies on purchasers collected for onward payment and are ordinarily diverted at source and treated as liabilities, not dealer income. They become assessable only if ultimately found neither payable to the government nor refundable to purchasers. A Bombay High Court decision upheld concealment penalties where sales tax collected was not credited to the profit and loss account, a result the author argues ignored statutory collection mechanics, accepted accounting practice, potential admissions or remissions of liability, and warrants review or clarifying guidance. en-us Thu, 31 Jul 2008 00:00:00 +0530 Sat, 07 Mar 2009 12:18:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=127 Sales tax and VAT collected by registered dealers are levies on purchasers collected for onward payment and are ordinarily diverted at source and treated as liabilities, not dealer income. They become assessable only if ultimately found neither payable to the government nor refundable to purchasers. A Bombay High Court decision upheld concealment penalties where sales tax collected was not credited to the profit and loss account, a result the author argues ignored statutory collection mechanics, accepted accounting practice, potential admissions or remissions of liability, and warrants review or clarifying guidance. Articles Income Tax Thu, 31 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=127