https://www.taxtmi.com/caselaws?id=24767 Sales tax collected by an assessee following the mercantile system, but not remitted to the State in the relevant year, was treated as an admitted liability and not as income. The Court applied its earlier view that such collected tax does not become taxable income merely because it has been retained unpaid during the assessment year. Accordingly, the sales tax amount was not includible in the assessee's total income for the year in question, and the issue was answered in favour of the assessee and against the Revenue. en-us Thu, 19 Nov 1987 00:00:00 +0530 Fri, 22 Jan 2010 12:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24767 Sales tax collected by an assessee following the mercantile system, but not remitted to the State in the relevant year, was treated as an admitted liability and not as income. The Court applied its earlier view that such collected tax does not become taxable income merely because it has been retained unpaid during the assessment year. Accordingly, the sales tax amount was not includible in the assessee's total income for the year in question, and the issue was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Thu, 19 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24767