https://www.taxtmi.com/caselaws?id=168504 Amounts received from customers as price deposits in a trading arrangement for scrap iron were treated as advance payments towards the sale price, not as genuine security deposits or third-party liabilities. Their character depended on the nature of the transaction and the mutual obligations created by the sale arrangement. The later retention of unclaimed balances and transfer to profit and loss account did not change their original commercial character. On that basis, the unclaimed balances were held to be trading receipts and part of revenue income under the Indian Income-tax Act, 1922. en-us Mon, 20 Feb 1961 00:00:00 +0530 Tue, 10 Mar 2015 15:34:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168504 Amounts received from customers as price deposits in a trading arrangement for scrap iron were treated as advance payments towards the sale price, not as genuine security deposits or third-party liabilities. Their character depended on the nature of the transaction and the mutual obligations created by the sale arrangement. The later retention of unclaimed balances and transfer to profit and loss account did not change their original commercial character. On that basis, the unclaimed balances were held to be trading receipts and part of revenue income under the Indian Income-tax Act, 1922. Case-Laws Income Tax Mon, 20 Feb 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168504