1997 (8) TMI 7

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....in the circumstances of the case, the Tribunal was justified in deleting the sum of Rs. 1,37,379 from the taxable trading receipt of the assessee for 1974-75?" The assessee in the course of sale of its products, collected sales tax from the purchasers. The assessee, in its turn, was assessed under the Central Sales Tax Act and paid the tax. The sales tax collected by the assessee has to be trea....

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.... character of revenue receipt. It has to be treated as a receipt on the revenue account and has to be assessed as such. The position has been placed beyond doubt by the express provisions of section 41(1) of the Income-tax Act. The next question is if the assessee returns any portion of the amount to its customers, will it still be liable to pay tax on the entire amount. Admittedly, the assesse....