https://www.taxtmi.com/caselaws?id=372065 Amounts collected under the Himachal Pradesh VAT regime for statutory collection purposes, and later deposited in the State Treasury after retaining temporary collection expenses, did not constitute real income in the assessee's hands. The Court treated the receipts as a statutory levy handled on behalf of the State, with no source of profit created or exploited by the assessee; the surplus belonged to the Government and was not taxable income, profit, or gain under the Income-tax Act, 1961. The absence of registration under section 12AA was immaterial because no taxable income had accrued in the first place. en-us Fri, 07 Dec 2018 00:00:00 +0530 Sat, 29 Jun 2019 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372065 Amounts collected under the Himachal Pradesh VAT regime for statutory collection purposes, and later deposited in the State Treasury after retaining temporary collection expenses, did not constitute real income in the assessee's hands. The Court treated the receipts as a statutory levy handled on behalf of the State, with no source of profit created or exploited by the assessee; the surplus belonged to the Government and was not taxable income, profit, or gain under the Income-tax Act, 1961. The absence of registration under section 12AA was immaterial because no taxable income had accrued in the first place. Case-Laws Income Tax Fri, 07 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372065