https://www.taxtmi.com/caselaws?id=186629 Amounts collected from customers towards sales tax, where the statutory liability continued and no court order stayed payment, were treated as trading receipts and included in income because tax character depends on the true nature of the receipt, not accounting presentation. A genuine share sale transaction was respected and the resulting capital loss was allowed because there was no material to show receipt of more than the agreed consideration, and the mere fact that the shares may have had a higher intrinsic value did not justify disregarding the transaction. The tax appeal therefore succeeded only on the sales tax deposit issue. en-us Thu, 01 Nov 2001 00:00:00 +0530 Sat, 24 Sep 2016 12:14:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186629 Amounts collected from customers towards sales tax, where the statutory liability continued and no court order stayed payment, were treated as trading receipts and included in income because tax character depends on the true nature of the receipt, not accounting presentation. A genuine share sale transaction was respected and the resulting capital loss was allowed because there was no material to show receipt of more than the agreed consideration, and the mere fact that the shares may have had a higher intrinsic value did not justify disregarding the transaction. The tax appeal therefore succeeded only on the sales tax deposit issue. Case-Laws Income Tax Thu, 01 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186629