Trading receipt ::

Court :
High Court

Brief :
Held by the Hon`ble Court that, mere fact that the assessee had given separate receipt to the costumers and made suspense account for excess price collected does not change the character of the transaction. Therefore the receipt is trading receipt.

Citation :
Travancore Sugars and Chemicals Ltd. Vs. Dy. C.I.T.

Trading receipt Travancore Sugars and Chemicals Ltd. Vs. Dy. C.I.T. 06/23/2006 [2007] 292 ITR 609 (Ker) Case Fact: Whether, price collected higher than fixed by government and kept in suspense account is as trading receipt? Decision: Held by the Hon`ble Court that, mere fact that the assessee had given separate receipt to the costumers and made suspense account for excess price collected does not change the character of the transaction. Therefore the receipt is trading receipt.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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