https://www.taxtmi.com/caselaws?id=60301 Amounts received under a sales tax suspense account were treated as refundable deposits taken pending later production of declaration forms, so they did not constitute taxable trading receipts because they were held under an enforceable obligation to refund. Amounts credited to the collector of customs (party) account were likewise not taxable trading receipts, as the assessee acted only as a forwarding and handling agent, held the money in a fiduciary and representative capacity, and had no beneficial trade in the imported goods. Since both deposits were not income, the foundation for revision under section 263 failed and the revisional order could not stand. en-us Wed, 20 Feb 1991 00:00:00 +0530 Tue, 04 Jan 2011 15:51:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60301 Amounts received under a sales tax suspense account were treated as refundable deposits taken pending later production of declaration forms, so they did not constitute taxable trading receipts because they were held under an enforceable obligation to refund. Amounts credited to the collector of customs (party) account were likewise not taxable trading receipts, as the assessee acted only as a forwarding and handling agent, held the money in a fiduciary and representative capacity, and had no beneficial trade in the imported goods. Since both deposits were not income, the foundation for revision under section 263 failed and the revisional order could not stand. Case-Laws Income Tax Wed, 20 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60301