Freezer deposits taxable in year of termination of agreement between supplier & distributor

ITO Vs Snofield Foods Pvt. Ltd. (ITAT Cochin) ITAT Cochin held that freezer deposits is taxable only on the year of termination of the agreement between the assessee (supplier) and the dealer/ distributor. Facts- The assessee is engaged in manufacturing and sale of ice creams and other frozen foods. The AO in the original assessment noted that the assessee has shown liability of Rs.3,73,26,241/- towards deposits and advances from his dealers. It was explained that assessee was into manufacturing and distribution of ice creams and frozen foods and sells the products through its distributors. It...