Goods received in the capacity of bailee cannot constitute income of assessee

HIGH COURT OF MADRAS Tarapore & Co. V/s. Deputy Commissioner of Income-tax TAX CASE (APPEAL) NO. 1113 OF 2005 APRIL 27, 2012 JUDGMENT Mrs. Chitra Venkataraman, J. The following are the substantial questions of law raised by the assessee on which this Tax Case Appeal was admitted by this Court:  1.  Whether the Tribunal was right in law in holding that the sum of Rs.55,72,981/- is to be treated as income even though the assessee has disclosed the value of goods as part of closing stock? 2.  Whether the Tribunal is right in law in ignoring that the role of the assessee wi...