https://www.taxtmi.com/caselaws?id=7385 Brokerage received by the assessee on behalf of brokers, and required under the relevant bye-laws to be passed on in full, was a liability at the time of receipt and not a trading receipt. The character of the amount had to be determined when received; later retention or appropriation could not convert a liability into income. On that basis, the unutilised balance of brokerage carried forward as a liability did not acquire the character of taxable income and was held not to be assessable as the assessee's income. en-us Tue, 10 Sep 1968 00:00:00 +0530 Thu, 19 Feb 2009 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7385 Brokerage received by the assessee on behalf of brokers, and required under the relevant bye-laws to be passed on in full, was a liability at the time of receipt and not a trading receipt. The character of the amount had to be determined when received; later retention or appropriation could not convert a liability into income. On that basis, the unutilised balance of brokerage carried forward as a liability did not acquire the character of taxable income and was held not to be assessable as the assessee's income. Case-Laws Income Tax Tue, 10 Sep 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7385