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Commissioner Of Income Tax, Madurai vs M/S, T.V. Sundaram Iyengar & Sons Ltd on 11 September, 1996 cites

Punjab Steel Scrap Merchants ... vs Commissioner Of Income-Tax, Punjab. on 20 February, 1961

In the case of Punjab Steel Scrap Merchants'' Association Ltd. v. Commissioner of Income Tax, Punjab, (1961) 43 ITR 164, the assessee company was a dealer in scrap iron. It received form its constituents a deposit in advance for the supply of scrap. I the price of scrap iron delivered was more that the amount deposited, the assessee recovered the excess. Where the price of scrap iron delivered was less that the amount deposited and a surplus remained with the assessee and the constituents did not claim the excess amount, the assessee retained the amounts to the credit of the constituents. Unclaimed credit balances, after a period of three years were transferred by the company to its profit and loss account. The amounts so transferred to the profit and loss account were held by the Punjab High Court to be trading receipts and liable to be included in the computation of the assesee's taxable income. It was held that the amount in question were payments towards price of the scrap iron which was to be supplied to the constituents. They were essentially trading receipts.
Punjab-Haryana High Court Cites 3 - Cited by 8 - Full Document

Punjab Distilling Industries Ltd vs The Commissioner Of Income-Tax, Simla on 24 November, 1958

We fail to see how these deposits were in any way different from the deposits which came for consideration in the case of Punjab Distilling Industries Ltd. v. Commissioner of Income Tax, Simla, (1959) 35 ITR 519. The amounts were not given and retained as security to be retained till the fulfillment of the contract. there is no finding to that effect. The deposit were taken in course of the trade and adjustments were made against these deposits in course of trade. The unclaimed surplus retained by the assessee will be its trade receipt. The assessee itself treated the amount as its trade receipt by bringing it to its profit and loss account.
Supreme Court of India Cites 4 - Cited by 18 - A K Sarkar - Full Document

Commissioner Of Income-Tax, Tamil ... vs A.V.M. Ltd. on 14 March, 1981

An application was made to the tribunal to refer the question of law arising out of the order of the tribunal to the High Court. The application was dismissed by the tribunal holding that no question of law arose in this case, On further application to the High Court under Section 256(2), the High Court held that the question now sought to be agitated was completely concluded by the decision of that Court in case of A.V.M. (supra). Hence this appeal.
Madras High Court Cites 2 - Cited by 4 - S R Pandian - Full Document

Commissioner Of Income-Tax, West ... vs Sandersons And Morgans on 24 April, 1968

In the case of Commissioner of Income Tax, West Bengal- I, v. Sandersons and Morgans, (1970) 75 ITR 433, principle of Morley v. Tattersall (supra) was applied. In that case, the question was whether interest received by a solicitor on the amounts belonging to his clients was taxable as his income. This court held that amounts received from his clients by a solicitor were not trading receipts, but were in fiduciary capacity.
Calcutta High Court Cites 16 - Cited by 40 - Full Document

Commissioner Of Income-Tax, Bombay ... vs Batliboi And Co. Pvt. Ltd. on 22 February, 1984

In the case of Commissioner of Income Tax, Bombay city- IV v. Batliboi and co. pvt Ltd., (1984) ITR 604, the Bombay High Court dealt with a case where the assesses was a dealer in machinery. The practice of the assessee company was to take deposits from intending purchasers. The deposits were later adjusted towards purchase price of the machinery that were sold. The surplus deposits, if any, were not generally refunded to the customers. Occasionally, the assessee was unable to refund some of the excess deposits for various reasons. Such excess deposits were written of in the books of the assessee by transferring them to the profit and loss account. It was held by the Division Bench of the Bombay High Court that having regard to the nature of the transaction, the receipts in question could not be considered as amounts held by the assessee for the benefit of anybody else. The deposits were in respect of specific transaction of sale and were adjusted towards the purchase price of the machinery that were sold. It was more in the nature of a trade receipt, especially when the assessee brought such surplus deposits remaining the hands to its profit and loss account. Therefore, the amount was taxable as trade receipt in the hands of the assessee.
Bombay High Court Cites 5 - Cited by 8 - S V Manohar - Full Document
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