https://www.taxtmi.com/caselaws?id=18842 Amounts collected from customers toward mandi shulk were not treated as trading receipts merely because they were not remitted during the accounting year. Under the relevant market fee rules, the statutory liability arose when the commodity entered the market area, and the assessee, following the mercantile system, recognised that liability on accrual. Money collected to meet an accrued statutory obligation retained during the year did not convert into taxable income. The amount collected toward mandi shulk was therefore not includible in the assessee's income, and the issue was decided against the Revenue. en-us Mon, 28 Aug 1995 00:00:00 +0530 Mon, 02 Nov 2009 12:58:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18842 Amounts collected from customers toward mandi shulk were not treated as trading receipts merely because they were not remitted during the accounting year. Under the relevant market fee rules, the statutory liability arose when the commodity entered the market area, and the assessee, following the mercantile system, recognised that liability on accrual. Money collected to meet an accrued statutory obligation retained during the year did not convert into taxable income. The amount collected toward mandi shulk was therefore not includible in the assessee's income, and the issue was decided against the Revenue. Case-Laws Income Tax Mon, 28 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18842