Income u/s 28(i)

Last updated: 10 July 2008

Court :

Brief :
Case Fact: Whether where assesse used to collect deposit/security from customers against bottles sold ,which was refundable subject to certain conditions, the surplus in bottle deposit account could be treated as income.

Citation :
C.I.T Vs. Doongaji & Co. Distillery

Decision: Held by Hon"ble court that the money collected by assesse from each customer against bottles sold could not be treated as income of the assessee, as the assessee was under an obligation to return the money subject to fulfillment of certain conditions by the customer.