https://www.taxtmi.com/caselaws?id=29180 The High Court held that the excess amounts transferred to a deposit account by the assessee, representing the higher price charged on sales of tractors, were not taxable income for the assessment years 1972-73 and 1973-74. The Court emphasized that since the amounts were provisional and subject to refund, they did not qualify as trading receipts or taxable income. The Department's argument that the excess amounts were taxable trading receipts was rejected, and the Court ruled in favor of the assessee. Each party was directed to bear its own costs in the reference proceedings. en-us Tue, 18 Nov 1980 00:00:00 +0530 Thu, 11 Mar 2010 12:49:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29180 The High Court held that the excess amounts transferred to a deposit account by the assessee, representing the higher price charged on sales of tractors, were not taxable income for the assessment years 1972-73 and 1973-74. The Court emphasized that since the amounts were provisional and subject to refund, they did not qualify as trading receipts or taxable income. The Department's argument that the excess amounts were taxable trading receipts was rejected, and the Court ruled in favor of the assessee. Each party was directed to bear its own costs in the reference proceedings. Case-Laws Income Tax Tue, 18 Nov 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29180