https://www.taxtmi.com/caselaws?id=59879 Section 43B of the Income-tax Act did not apply to betting tax collected by the assessee from licensed bookmakers under the Bengal Amusements Tax Act, because the statutory liability to pay that tax rested on the bookmakers, not on the assessee. The assessee acted only as a collecting agent required to remit the amount to the Government Treasury, so the collected sum was not its own tax liability but money held for remittance. Depositing the amount in the assessee's bank account or mixing it with other funds did not change its legal character. The addition for non-remittance was therefore deleted. en-us Fri, 20 Nov 1992 00:00:00 +0530 Sat, 01 Jan 2011 16:13:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59879 Section 43B of the Income-tax Act did not apply to betting tax collected by the assessee from licensed bookmakers under the Bengal Amusements Tax Act, because the statutory liability to pay that tax rested on the bookmakers, not on the assessee. The assessee acted only as a collecting agent required to remit the amount to the Government Treasury, so the collected sum was not its own tax liability but money held for remittance. Depositing the amount in the assessee's bank account or mixing it with other funds did not change its legal character. The addition for non-remittance was therefore deleted. Case-Laws Income Tax Fri, 20 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59879