https://www.taxtmi.com/caselaws?id=29052 The Supreme Court dismissed the application regarding the taxability of royalty collected by an assessee-firm, affirming that the nature of the receipt, not its accounting treatment, determines its taxability. Citing a precedent, the court held that amounts collected, even if not paid to the appropriate authority, form part of trading or business receipts. The court emphasized the importance of the true economic substance of transactions in assessing tax liability, in line with established judicial precedents. en-us Thu, 05 Feb 1981 00:00:00 +0530 Wed, 10 Mar 2010 15:03:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29052 The Supreme Court dismissed the application regarding the taxability of royalty collected by an assessee-firm, affirming that the nature of the receipt, not its accounting treatment, determines its taxability. Citing a precedent, the court held that amounts collected, even if not paid to the appropriate authority, form part of trading or business receipts. The court emphasized the importance of the true economic substance of transactions in assessing tax liability, in line with established judicial precedents. Case-Laws Income Tax Thu, 05 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29052