https://www.taxtmi.com/caselaws?id=27408 The High Court dismissed the petition challenging the disallowance of sales tax claims for assessment years 1978-79 and 1979-80. The court upheld the treatment of the disallowed amounts as trading receipts, rejecting the applicant's argument for claiming accrued sales tax liability on an actual payment basis under the mercantile system of accounting. The court emphasized that sales tax collections constitute trading receipts and can only be claimed as a liability upon payment to the government. The application was rejected with no order on costs. en-us Tue, 17 Jul 1984 00:00:00 +0530 Fri, 12 Feb 2010 16:17:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27408 The High Court dismissed the petition challenging the disallowance of sales tax claims for assessment years 1978-79 and 1979-80. The court upheld the treatment of the disallowed amounts as trading receipts, rejecting the applicant's argument for claiming accrued sales tax liability on an actual payment basis under the mercantile system of accounting. The court emphasized that sales tax collections constitute trading receipts and can only be claimed as a liability upon payment to the government. The application was rejected with no order on costs. Case-Laws Income Tax Tue, 17 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27408