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2008 (11) TMI 69 - HC - Income TaxContingency deposits for payment of possible tax liability - assessee’s contention that the contingency deposit collected during the year is not a trading receipt but only a deposit, is not acceptable – held that if and when the amounts collected are refunded to the persons from whom the collection had been made, the assessee can claim deduction in the year in which such refund is effected - Tribunal was not right in holding that the contingency deposit would not form part of the income
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