https://www.taxtmi.com/caselaws?id=19664 Surplus amounts arising on termination of chitties were treated as refundable excess collections standing to the credit of subscribers, not taxable income of the assessee for the relevant year. The Tribunal accepted that subscribers sometimes paid more than the instalments due and that such excess was recorded as a liability refundable on demand for three years. On the materials available, the Revenue failed to displace this factual finding or show that the receipt had the character of income in that year, so the surplus was held not taxable. en-us Tue, 27 Sep 1994 00:00:00 +0530 Sat, 07 Nov 2009 16:58:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19664 Surplus amounts arising on termination of chitties were treated as refundable excess collections standing to the credit of subscribers, not taxable income of the assessee for the relevant year. The Tribunal accepted that subscribers sometimes paid more than the instalments due and that such excess was recorded as a liability refundable on demand for three years. On the materials available, the Revenue failed to displace this factual finding or show that the receipt had the character of income in that year, so the surplus was held not taxable. Case-Laws Income Tax Tue, 27 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19664