Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2006 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2006 (10) TMI 142 - HC - Income TaxCessation of liability - Amounts collected as sales tax and Central sales tax were later found to be in excess of the amounts payable - assessee transferred the said amounts to the suspense account but did not credit the same to the profit and loss account - hold that the amount collected towards sales tax which remained unpaid and unpayable to the Department, which was also not refunded to the customers, was liable to be treated as income in the hands of the assessee under section 41(1) of the Act. As and when the amount is refunded to the customers, the same may be claimed as deduction by the assessee
|