Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 1972 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1972 (5) TMI 21 - HC - Income TaxAssessee is a partnership firm which carried on wholesale business in cloth. During the previous year relevant to the assessment year 1958-59, it collected from its customers sales tax amounting to Rs. 4,46,944 and paid a sum of Rs. 3,16,899 to the sales tax department leaving a balance of Rs. 1,30,045. The Income-tax Officer treated the sum of Rs. 1,30,045 as the assessee's income for the assessment year in question and levied tax thereon. When a dealer collects sales tax from customers and paid only a portion of it to the Government whether the balance is an income assessable in his hands - " Whether, on the facts and in the circumstances of the case, the sum of Rs. 1,30,045 represents income of the assessee for the assessment year 1958-59 ?"
|