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2012 (8) TMI 1138 - AT - Income TaxReceipt of fixed deposit and the compensation of the spread-over period - Deemed to be accrual of Income or Not - Freezer deposit - HELD THAT:- The agency agreements in the instant case are live and continuing. Accordingly, we hold that the deposits collected from vendors cannot be considered as income of the assessee so long as the agency agreement continues. Accordingly, we set aside the order of the Ld. CIT(A) on this issue and direct the Assessing Officer to delete the addition relating thereto. In the result, the appeal filed by the assessee is allowed.
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