https://www.taxtmi.com/caselaws?id=14798 The court held that the sales tax amounts credited to the special contingency account by the assessee were not trading receipts at the time of receipt due to the contingent nature of the sales tax liability. The Tribunal upheld the decision to only include the excess amounts transferred to the sundry creditors account as taxable income, providing relief to the assessee. The court ruled in favor of the assessee, determining that the sales tax credits were not immediately taxable, contrary to the Revenue's arguments based on legal precedents. en-us Mon, 22 Nov 1999 00:00:00 +0530 Sat, 18 Jul 2009 17:01:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14798 The court held that the sales tax amounts credited to the special contingency account by the assessee were not trading receipts at the time of receipt due to the contingent nature of the sales tax liability. The Tribunal upheld the decision to only include the excess amounts transferred to the sundry creditors account as taxable income, providing relief to the assessee. The court ruled in favor of the assessee, determining that the sales tax credits were not immediately taxable, contrary to the Revenue's arguments based on legal precedents. Case-Laws Income Tax Mon, 22 Nov 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14798