https://www.taxtmi.com/caselaws?id=7152 An amount collected from customers as part of sale consideration, described as Bombay sales tax, was treated as a trading receipt because the collection arose in the course of the assessee's coal and coke and was not money held for purchasers in a statutory sense. The Bombay Sales Tax Act fastened liability on the dealer, and section 21 did not create an enforceable right in the purchasers or convert the collection into a mere deposit. A later refund by the taxing authority did not change the commercial character of the original receipt, so the refunded amount remained assessable as business income. en-us Tue, 22 Feb 1966 00:00:00 +0530 Wed, 11 Feb 2009 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7152 An amount collected from customers as part of sale consideration, described as Bombay sales tax, was treated as a trading receipt because the collection arose in the course of the assessee's coal and coke and was not money held for purchasers in a statutory sense. The Bombay Sales Tax Act fastened liability on the dealer, and section 21 did not create an enforceable right in the purchasers or convert the collection into a mere deposit. A later refund by the taxing authority did not change the commercial character of the original receipt, so the refunded amount remained assessable as business income. Case-Laws Income Tax Tue, 22 Feb 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7152