https://www.taxtmi.com/caselaws?id=38358 Under the mercantile system, a statutory sales tax liability on commission sales of jaggery accrues when the taxable sale occurs, so the amount collected as "rusum" and shown as payable to the sales tax authorities was not a trading receipt or taxable income in the assessee's hands. The Andhra Pradesh High Court also held that the same amount was deductible as sales tax payable, because an accrued business liability may be claimed in computing income and the retrospective amendment did not alter the character of the liability for the relevant period. en-us Mon, 23 Aug 1976 00:00:00 +0530 Thu, 06 Jun 2013 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38358 Under the mercantile system, a statutory sales tax liability on commission sales of jaggery accrues when the taxable sale occurs, so the amount collected as "rusum" and shown as payable to the sales tax authorities was not a trading receipt or taxable income in the assessee's hands. The Andhra Pradesh High Court also held that the same amount was deductible as sales tax payable, because an accrued business liability may be claimed in computing income and the retrospective amendment did not alter the character of the liability for the relevant period. Case-Laws Income Tax Mon, 23 Aug 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38358