Income u/s 28(i) ::

Court :
HC

Brief :
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.

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

Income u/s 28(i) C.I.T Vs. Doongaji & Co. Distillery 2/8/2005 (2005) 146 Taxman154(MP) 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. 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.

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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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