https://www.taxtmi.com/caselaws?id=7718 An amount received from a buyer in connection with yarn pricing and a proposed additional excise burden was capable of being treated as a trading receipt when first received in March 1948, applying the statutory background of section 64A of the Sale of Goods Act, 1930. However, for income-tax purposes the character of the receipt was fixed on receipt, and no income arose in the previous year relevant to assessment year 1951-52 because no fresh receipt occurred in 1950. The later transfer of the balance to capital reserve did not create taxable income in that year, so the amount was not assessable as business income for assessment year 1951-52. en-us Tue, 18 Nov 1969 00:00:00 +0530 Wed, 18 Mar 2009 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7718 An amount received from a buyer in connection with yarn pricing and a proposed additional excise burden was capable of being treated as a trading receipt when first received in March 1948, applying the statutory background of section 64A of the Sale of Goods Act, 1930. However, for income-tax purposes the character of the receipt was fixed on receipt, and no income arose in the previous year relevant to assessment year 1951-52 because no fresh receipt occurred in 1950. The later transfer of the balance to capital reserve did not create taxable income in that year, so the amount was not assessable as business income for assessment year 1951-52. Case-Laws Income Tax Tue, 18 Nov 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7718