https://www.taxtmi.com/caselaws?id=24261 The court confirmed that Central sales tax collected by the assessee is considered part of the trading receipt under the Income-tax Act. It ruled that the liability to pay sales tax arises at the time of sale, allowing the assessee to deduct the liability from profits even if the tax remains unpaid. The court found notices issued under sections 154/155 and 147/148 of the Income-tax Act to be without jurisdiction, quashing them and awarding costs to the assessee. en-us Thu, 17 Nov 1988 00:00:00 +0530 Mon, 18 Jan 2010 18:13:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24261 The court confirmed that Central sales tax collected by the assessee is considered part of the trading receipt under the Income-tax Act. It ruled that the liability to pay sales tax arises at the time of sale, allowing the assessee to deduct the liability from profits even if the tax remains unpaid. The court found notices issued under sections 154/155 and 147/148 of the Income-tax Act to be without jurisdiction, quashing them and awarding costs to the assessee. Case-Laws Income Tax Thu, 17 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24261