https://www.taxtmi.com/caselaws?id=28888 The High Court held that the excess payment of Rs. 31,695 and the surplus sales tax amount of Rs. 11,523 received by the assessee were trading receipts from the inception and should have been taxed in the years they were received. Merely transferring these amounts to the profit and loss account in the assessment year 1971-72 does not change their character or make them taxable in that year. The Court ruled in favor of the assessee, emphasizing that the income should be taxed in the year it was received, not in the year it was transferred to the profit and loss account. en-us Wed, 10 Feb 1982 00:00:00 +0530 Mon, 08 Mar 2010 13:54:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28888 The High Court held that the excess payment of Rs. 31,695 and the surplus sales tax amount of Rs. 11,523 received by the assessee were trading receipts from the inception and should have been taxed in the years they were received. Merely transferring these amounts to the profit and loss account in the assessment year 1971-72 does not change their character or make them taxable in that year. The Court ruled in favor of the assessee, emphasizing that the income should be taxed in the year it was received, not in the year it was transferred to the profit and loss account. Case-Laws Income Tax Wed, 10 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28888