https://www.taxtmi.com/caselaws?id=60307 Market fee collected under the Bihar Agricultural Produce Markets Act, 1960 was treated as belonging to the Market Committee and not as the assessee's trading receipt, because the statutory levy was characterised as a liability under market legislation rather than income. The text also states that, on the mercantile system, an accrued liability remains deductible even if unpaid during the year, and that section 43B did not disallow the claim on the facts discussed. On that basis, the assessment was not considered erroneous or prejudicial to the Revenue, so revision under section 263 was not justified. en-us Fri, 27 Dec 1991 00:00:00 +0530 Tue, 04 Jan 2011 16:09:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60307 Market fee collected under the Bihar Agricultural Produce Markets Act, 1960 was treated as belonging to the Market Committee and not as the assessee's trading receipt, because the statutory levy was characterised as a liability under market legislation rather than income. The text also states that, on the mercantile system, an accrued liability remains deductible even if unpaid during the year, and that section 43B did not disallow the claim on the facts discussed. On that basis, the assessment was not considered erroneous or prejudicial to the Revenue, so revision under section 263 was not justified. Case-Laws Income Tax Fri, 27 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60307