https://www.taxtmi.com/caselaws?id=37747 Amounts received by an assessee as agent for collieries and consignees, by way of under-charges, were held not to be trading receipts because they were received in a fiduciary and representative capacity, not in the assessee's own right as profit. The character of the receipt depended on the capacity in which it was obtained, and money held for others did not become taxable income merely because it remained unclaimed or was later transferred to the profit and loss account. The unclaimed surplus and the transferred amounts were therefore not assessable as the assessee's income. en-us Wed, 05 Apr 1978 00:00:00 +0530 Wed, 31 Mar 2010 17:34:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37747 Amounts received by an assessee as agent for collieries and consignees, by way of under-charges, were held not to be trading receipts because they were received in a fiduciary and representative capacity, not in the assessee's own right as profit. The character of the receipt depended on the capacity in which it was obtained, and money held for others did not become taxable income merely because it remained unclaimed or was later transferred to the profit and loss account. The unclaimed surplus and the transferred amounts were therefore not assessable as the assessee's income. Case-Laws Income Tax Wed, 05 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37747