https://www.taxtmi.com/caselaws?id=28949 Amounts collected by a commission agent under a statutory obligation for remittance to the Market Committee do not form trading receipts of the agent where the agent acts only as a conduit and the sum never reaches him as his own income. The U.P. Krishi Utpadan Mandi Rules required the market fee to be charged in the sale voucher and deposited only to the extent realised, so the collection was received on behalf of another authority rather than on the assessee's own turnover. The principle applied is that income is taxable only when it accrues to the recipient as income; amounts diverted before that point, including statutory or trust-like collections, are outside taxable trading receipts. en-us Wed, 12 May 1982 00:00:00 +0530 Mon, 08 Mar 2010 17:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28949 Amounts collected by a commission agent under a statutory obligation for remittance to the Market Committee do not form trading receipts of the agent where the agent acts only as a conduit and the sum never reaches him as his own income. The U.P. Krishi Utpadan Mandi Rules required the market fee to be charged in the sale voucher and deposited only to the extent realised, so the collection was received on behalf of another authority rather than on the assessee's own turnover. The principle applied is that income is taxable only when it accrues to the recipient as income; amounts diverted before that point, including statutory or trust-like collections, are outside taxable trading receipts. Case-Laws Income Tax Wed, 12 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28949