https://www.taxtmi.com/caselaws?id=11750 An amount collected from motor car purchasers as part of the price structure to meet an eventual excise duty liability was treated as a trading receipt and included in income. The court applied the test of the true character of the receipt at the time of collection, holding that a conditional future refund on production of a certificate did not make the amount a mere deposit. Because the collection was linked to a statutory liability and formed part of the trading receipts, it was taxable and not excludible as a refundable deposit. en-us Wed, 18 Dec 2002 00:00:00 +0530 Sun, 07 Feb 2010 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11750 An amount collected from motor car purchasers as part of the price structure to meet an eventual excise duty liability was treated as a trading receipt and included in income. The court applied the test of the true character of the receipt at the time of collection, holding that a conditional future refund on production of a certificate did not make the amount a mere deposit. Because the collection was linked to a statutory liability and formed part of the trading receipts, it was taxable and not excludible as a refundable deposit. Case-Laws Income Tax Wed, 18 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11750