https://www.taxtmi.com/caselaws?id=467143 Characterisation of booking deposits or trade advances as income by assessment authorities prevents their simultaneous treatment as third party deposits or loans for imposition of a penalty under the deposit acceptance penalty provisions; the Tribunal held that amounts accounted for and assessed as deemed sales (including under unexplained receipts principles) cannot be re labelled as deposits to sustain a penalty, and upheld deletion of the penalty on these facts. The ratio affirms that assessment as income is outcome determinative and bars double characterisation for levy of deposit acceptance penalties. en-us Fri, 06 Jul 2012 00:00:00 +0530 Sat, 07 Mar 2026 13:43:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467143 Characterisation of booking deposits or trade advances as income by assessment authorities prevents their simultaneous treatment as third party deposits or loans for imposition of a penalty under the deposit acceptance penalty provisions; the Tribunal held that amounts accounted for and assessed as deemed sales (including under unexplained receipts principles) cannot be re labelled as deposits to sustain a penalty, and upheld deletion of the penalty on these facts. The ratio affirms that assessment as income is outcome determinative and bars double characterisation for levy of deposit acceptance penalties. Case-Laws Income Tax Fri, 06 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467143