https://www.taxtmi.com/caselaws?id=189120 A liability arising from purchases of cloth on credit was treated as a trading debt, not borrowed money, because no loan transaction or acceptance of the amount as capital was shown; it therefore could not be excluded from average capital computation under the Excess Profits Tax Act. The text also states that conditional observations made in earlier remand proceedings were not binding findings of fact or law, but only interlocutory dicta, so the Tribunal could reconsider the issue at final disposal. The reference was answered in favour of the Revenue, with costs to the Department. en-us Thu, 16 Apr 1959 00:00:00 +0530 Wed, 28 Dec 2016 17:22:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189120 A liability arising from purchases of cloth on credit was treated as a trading debt, not borrowed money, because no loan transaction or acceptance of the amount as capital was shown; it therefore could not be excluded from average capital computation under the Excess Profits Tax Act. The text also states that conditional observations made in earlier remand proceedings were not binding findings of fact or law, but only interlocutory dicta, so the Tribunal could reconsider the issue at final disposal. The reference was answered in favour of the Revenue, with costs to the Department. Case-Laws Income Tax Thu, 16 Apr 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189120