https://www.taxtmi.com/caselaws?id=7289 Amounts collected by an auctioneer from purchasers as sales tax were treated as trading receipts and included in business income because the receipts arose in the course of the auction business and formed part of the commercial transaction. The character of the receipt was fixed at the time of collection, and neither the assessee's dispute over liability nor the maintenance of a separate account changed that character. The amount was not held merely as a custodian for vendors, and any later payment to the State or refund to purchasers did not alter its taxable nature when received. The reference was answered against the assessee. en-us Tue, 18 Jun 1968 00:00:00 +0530 Mon, 16 Feb 2009 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7289 Amounts collected by an auctioneer from purchasers as sales tax were treated as trading receipts and included in business income because the receipts arose in the course of the auction business and formed part of the commercial transaction. The character of the receipt was fixed at the time of collection, and neither the assessee's dispute over liability nor the maintenance of a separate account changed that character. The amount was not held merely as a custodian for vendors, and any later payment to the State or refund to purchasers did not alter its taxable nature when received. The reference was answered against the assessee. Case-Laws Income Tax Tue, 18 Jun 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7289