1958 (11) TMI 4 - SUPREME COURT

Whether on the facts and circumstances of the case the collections by the assessee company described in its accounts as " empty bottle return security deposits " were income assessable under section 10 of the Income-tax Act ?

Held that:- Having given the matter our anxious consideration which the difficulties involved in it require, we think that the correct view to take is that the amounts paid to the appellant and described as " Empty Bottles Return Security Deposit " were trading receipts, and therefore income of the appellant assessable to tax. We agree with the High Court that the question framed for decision in this case, should be answered in the affirmative. Appeal dismissed.