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VAT collected on behalf of State Govt. not an income just because it was routed through P&L a/c

December 12, 2018[2018] 100 290 (Himachal Pradesh)/[2019] 260 Taxman 302 (Himachal Pradesh)

IT: Where assessee-society was entrusted with responsibility of collection of VAT and upon collection of same, a part of it was to be deposited immediately in Government Treasury, and remaining amount had to be transferred to State Government after meeting out expenditure incurred by society, since assessee-society neither gained anything nor earned any profit and VAT amount recovered by assessee was an entrustment of statutory function of State and, thus, assessee neither created any source of income nor generated any profit and gain out of such source, said balance sum did not partake of character of 'real income' in hands of assessee

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