https://www.taxtmi.com/caselaws?id=36938 The High Court determined that the excess sales tax collected by the assessee in earlier years and transferred to the profit and loss account constituted a trading receipt of the years in which it was received. The Court held that the amount should have been taxed in the years it was collected and could not be assessed as income for the assessment year 1971-72. The Court rejected the application of section 41(1) of the Act and ruled in favor of the assessee, awarding costs. en-us Wed, 14 Nov 1979 00:00:00 +0530 Thu, 25 Mar 2010 15:23:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36938 The High Court determined that the excess sales tax collected by the assessee in earlier years and transferred to the profit and loss account constituted a trading receipt of the years in which it was received. The Court held that the amount should have been taxed in the years it was collected and could not be assessed as income for the assessment year 1971-72. The Court rejected the application of section 41(1) of the Act and ruled in favor of the assessee, awarding costs. Case-Laws Income Tax Wed, 14 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36938