https://www.taxtmi.com/caselaws?id=5529 The Supreme Court held that the amounts received by the assessee as under-charges constituted trading receipts as they arose in the course of the assessee's business. The surplus amounts remaining unpaid or transferred to the profit and loss account were considered assessable as income, as the assessee's treatment of these surpluses in the profit and loss account indicated they were part of business profits. The Court distinguished this case from others where unclaimed balances were held in trust, emphasizing that here the surplus amounts were treated as business income. The appeals were allowed in favor of the Revenue, with each party bearing its own costs. en-us Wed, 14 Aug 1996 00:00:00 +0530 Thu, 26 Feb 2015 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5529 The Supreme Court held that the amounts received by the assessee as under-charges constituted trading receipts as they arose in the course of the assessee's business. The surplus amounts remaining unpaid or transferred to the profit and loss account were considered assessable as income, as the assessee's treatment of these surpluses in the profit and loss account indicated they were part of business profits. The Court distinguished this case from others where unclaimed balances were held in trust, emphasizing that here the surplus amounts were treated as business income. The appeals were allowed in favor of the Revenue, with each party bearing its own costs. Case-Laws Income Tax Wed, 14 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5529