Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights December 2011 Year 2011 This

Collection of contingency deposit against payment of sales tax - ...


Contingency Deposit for Sales Tax Payment is Revenue Receipt, Included in Assessee's Income.

December 26, 2011

Case Laws     Income Tax     HC

Collection of contingency deposit against payment of sales tax - the receipt of the amount for payment of sales tax and keeping it in deposit would amount to a 'revenue receipt' and it would form part of the assessee's income.... - HC

View Source

 


 

You may also like:

  1. Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

  2. The assessee, a non-resident corporate entity incorporated in Austria, earned income from the sale of software licenses. The Assessing Officer (AO) computed the profit...

  3. The assessee received cash credits which were treated as unexplained income u/s 68 by the Assessing Officer (AO). However, the Commissioner of Income Tax (Appeals)...

  4. Nature of receipt - sales tax remission benefit derived by the assessee - All the judgments cited before us also lay down the same ratio. Even otherwise subsidy is...

  5. Trading receipt - refundable contingency deposit representing sales tax collected in respect of disputed transactions during pendency of appeal before court - held as...

  6. Capital receipt or revenue receipt – financial schemes in which deposits were collected from the Public - The assessee is merely a custodian of the deposit - not taxable...

  7. Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

  8. Assessee engaged in business of commission agent (Aadatia) for agricultural products. AO made addition u/s 68 treating entire cash deposits in bank account as...

  9. The Commissioner of Income Tax (Appeals) confirmed additions from unsecured loans and capital introduced by the assessee during demonetization. The Assessing Officer...

  10. The assessee failed to file income tax returns and produce books of accounts. The Commissioner of Income Tax (Appeals) passed a detailed order computing income after...

  11. The assessee, a shipping company under the Tonnage Tax Scheme, had declared certain incomes like sundry credit balances written back, excess provisions written back,...

  12. This case deals with the issue of whether GST/service tax amount should be included while computing the gross receipts u/s 44BB for a non-resident company engaged in...

  13. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

  14. Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash...

  15. Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

 

Quick Updates:Latest Updates