https://www.taxtmi.com/caselaws?id=13513 The High Court ruled in favor of the Revenue, holding that the balance in the suspense account collected by the assessee from the sale of arrack constituted a trading receipt and was part of the sale price. The Court emphasized that the nature of the receipt as sale proceeds of arrack was pivotal, regardless of accounting treatment. The assessee could claim deductions in subsequent years when refunds were issued to customers. en-us Fri, 23 Jun 2006 00:00:00 +0530 Fri, 29 May 2009 12:42:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13513 The High Court ruled in favor of the Revenue, holding that the balance in the suspense account collected by the assessee from the sale of arrack constituted a trading receipt and was part of the sale price. The Court emphasized that the nature of the receipt as sale proceeds of arrack was pivotal, regardless of accounting treatment. The assessee could claim deductions in subsequent years when refunds were issued to customers. Case-Laws Income Tax Fri, 23 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13513