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2007 (10) TMI 254 - HC - Income TaxAppellant collected some amount from its customers as contingent deposit - collection was in anticipation of the sales tax liability which was in dispute - Since there was a contingent liability fastened on the deposit, the appellant did not treat the amount as trading receipts - AO rejected the contentions of the appellant – action of AO is correct – amount collected as contingent deposit was assessable as these are the trading receipts
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