https://www.taxtmi.com/caselaws?id=37961 The High Court ruled in favor of the assessee, allowing a deduction for sales tax collected. It held that sales tax receipts were not part of the sale price for income tax assessment and that the assessee had a legal obligation to realize and remit sales tax, justifying the deduction. The Court emphasized the application of the mercantile system of accounting and affirmed the accrued tax liability, permitting the deduction for the sales tax amount collected. Both judges concurred with the decision, and no costs were awarded in the case. en-us Mon, 24 Apr 1978 00:00:00 +0530 Fri, 02 Apr 2010 13:04:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37961 The High Court ruled in favor of the assessee, allowing a deduction for sales tax collected. It held that sales tax receipts were not part of the sale price for income tax assessment and that the assessee had a legal obligation to realize and remit sales tax, justifying the deduction. The Court emphasized the application of the mercantile system of accounting and affirmed the accrued tax liability, permitting the deduction for the sales tax amount collected. Both judges concurred with the decision, and no costs were awarded in the case. Case-Laws Income Tax Mon, 24 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37961