https://www.taxtmi.com/caselaws?id=39372 Amounts initially received for payment to others in the course of trading were not income when received, but their character changed when they remained unclaimed and the assessee transferred them to the profit and loss account as its own profit. That treatment supported taxation in the relevant assessment year, because the receipts had become part of the assessee's income by the time of appropriation. The sums could not be treated as capital receipts or casual gains on those facts, and the amount was rightly assessed as income for assessment year 1957-58. en-us Wed, 19 Feb 1975 00:00:00 +0530 Fri, 16 Apr 2010 10:41:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39372 Amounts initially received for payment to others in the course of trading were not income when received, but their character changed when they remained unclaimed and the assessee transferred them to the profit and loss account as its own profit. That treatment supported taxation in the relevant assessment year, because the receipts had become part of the assessee's income by the time of appropriation. The sums could not be treated as capital receipts or casual gains on those facts, and the amount was rightly assessed as income for assessment year 1957-58. Case-Laws Income Tax Wed, 19 Feb 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39372