https://www.taxtmi.com/caselaws?id=13647 The Court upheld the Tribunal's decision, ruling in favor of the Revenue and affirming the inclusion of the disputed amount in the appellant's total income. The Court determined that the 'contingency deposit' should be treated as trading receipts subject to turnover tax liability, despite the appellant's arguments to the contrary. The appellant's creation of a separate account did not alter the nature of the receipts, which were considered integral to their trading activities. The Court emphasized that tax payments, even when collected as an agent, constituted trading receipts and could be deducted under section 43B of the Income-tax Act. en-us Wed, 26 Jul 2006 00:00:00 +0530 Sat, 30 May 2009 17:47:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13647 The Court upheld the Tribunal's decision, ruling in favor of the Revenue and affirming the inclusion of the disputed amount in the appellant's total income. The Court determined that the 'contingency deposit' should be treated as trading receipts subject to turnover tax liability, despite the appellant's arguments to the contrary. The appellant's creation of a separate account did not alter the nature of the receipts, which were considered integral to their trading activities. The Court emphasized that tax payments, even when collected as an agent, constituted trading receipts and could be deducted under section 43B of the Income-tax Act. Case-Laws Income Tax Wed, 26 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13647