https://www.taxtmi.com/caselaws?id=11301 The High Court held that the amounts credited in the contingency account No. II should be considered as income of the assessee in the assessment year of collection. The Court determined that the sales tax collected upfront did not constitute actual sales tax since the sale had not occurred, and the liability arises only upon sale. Emphasizing the inclusive definition of "income" under the Income-tax Act, the Court disagreed with the Tribunal's view and ruled in favor of the Department, based on established legal principles and case-specific circumstances. en-us Tue, 18 Nov 2003 00:00:00 +0530 Thu, 06 Aug 2009 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11301 The High Court held that the amounts credited in the contingency account No. II should be considered as income of the assessee in the assessment year of collection. The Court determined that the sales tax collected upfront did not constitute actual sales tax since the sale had not occurred, and the liability arises only upon sale. Emphasizing the inclusive definition of "income" under the Income-tax Act, the Court disagreed with the Tribunal's view and ruled in favor of the Department, based on established legal principles and case-specific circumstances. Case-Laws Income Tax Tue, 18 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11301