https://www.taxtmi.com/caselaws?id=184195 Amounts collected by a commission agent from customers as sales tax deposits were treated as trading receipts because their character was fixed when received. A sum forms part of taxable trading income if it is received as part of the commercial price in a trading transaction, even if the books describe it as a deposit and even if it may later be refundable. The later treatment of the money is irrelevant. As the collections were taken in each sale transaction and were inseparable from the trading activity, they were liable to income-tax as trading receipts. en-us Wed, 18 Dec 1963 00:00:00 +0530 Fri, 01 Jul 2016 17:57:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184195 Amounts collected by a commission agent from customers as sales tax deposits were treated as trading receipts because their character was fixed when received. A sum forms part of taxable trading income if it is received as part of the commercial price in a trading transaction, even if the books describe it as a deposit and even if it may later be refundable. The later treatment of the money is irrelevant. As the collections were taken in each sale transaction and were inseparable from the trading activity, they were liable to income-tax as trading receipts. Case-Laws Income Tax Wed, 18 Dec 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184195