https://www.taxtmi.com/caselaws?id=32165 Contingency deposits collected to meet a statutory sales tax liability were held to retain their character as trading receipts and formed part of taxable income. The court treated the label of "deposit" as immaterial because the amounts were received and retained in the course of business for a statutory liability; the fact that the levy was under challenge did not change their tax character. Any later refund would be dealt with by deduction in the year of refund. The Tribunal's contrary view was set aside and the receipts were held assessable in the assessee's hands. en-us Fri, 21 Nov 2008 00:00:00 +0530 Fri, 16 Sep 2011 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32165 Contingency deposits collected to meet a statutory sales tax liability were held to retain their character as trading receipts and formed part of taxable income. The court treated the label of "deposit" as immaterial because the amounts were received and retained in the course of business for a statutory liability; the fact that the levy was under challenge did not change their tax character. Any later refund would be dealt with by deduction in the year of refund. The Tribunal's contrary view was set aside and the receipts were held assessable in the assessee's hands. Case-Laws Income Tax Fri, 21 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32165