1984 (2) TMI 35 - HC - Income Tax

Summary

The High Court of Andhra Pradesh ruled that the sum collected by the assessee as rusum on commission sales of jaggery constituted income liable to tax for the assessment year 1970-71. The court found that the assessee had adopted the mercantile system of accounting and upheld the decision of the lower authorities. The Revenue's contention that the matter should be remanded for further investigation was rejected. The judgment was in favor of the assessee, with no costs awarded.