https://www.taxtmi.com/caselaws?id=6431 Sales tax collected by a trader from customers, but retained as part of its own business funds, was treated as a trading receipt and included in taxable income. The character of the receipt depended on its true nature and use, not on the label attached in the accounts. An obligation to remit the amount to the Government or refund purchasers did not prevent taxation at the point of collection where the sum was not kept segregated or paid over. The trader could seek deduction if any amount was later remitted or refunded. en-us Wed, 06 Nov 1974 00:00:00 +0530 Fri, 16 Jan 2026 18:04:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6431 Sales tax collected by a trader from customers, but retained as part of its own business funds, was treated as a trading receipt and included in taxable income. The character of the receipt depended on its true nature and use, not on the label attached in the accounts. An obligation to remit the amount to the Government or refund purchasers did not prevent taxation at the point of collection where the sum was not kept segregated or paid over. The trader could seek deduction if any amount was later remitted or refunded. Case-Laws Income Tax Wed, 06 Nov 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6431