https://www.taxtmi.com/caselaws?id=14447 Excess collections kept in a suspense account under an interim court order were held to remain conditional and refundable, because the amount was liable to be repaid if the assessee failed in the writ proceedings. The decisive test was the true nature and quality of the receipt, not its accounting treatment. As the refund liability was ascertainable and quantified, the amount did not acquire the character of an accrued trading receipt or taxable income for the relevant assessment year, and the issue was answered in favour of the assessee. en-us Thu, 16 Nov 2000 00:00:00 +0530 Thu, 16 Jul 2009 10:29:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14447 Excess collections kept in a suspense account under an interim court order were held to remain conditional and refundable, because the amount was liable to be repaid if the assessee failed in the writ proceedings. The decisive test was the true nature and quality of the receipt, not its accounting treatment. As the refund liability was ascertainable and quantified, the amount did not acquire the character of an accrued trading receipt or taxable income for the relevant assessment year, and the issue was answered in favour of the assessee. Case-Laws Income Tax Thu, 16 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14447