Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (3) TMI 82 - ALLAHABAD HIGH COURTNon refundable deposits taken from the members - respondent had received a sum of Rs. 4,32,685 from the cane growers on account of the loss equalisation fund as per details mentioned above, which was shown in the balance-sheet as non-refundable deposit. The Assessing Officer, however, held that this was a revenue receipt and consequentially he added a sum of Rs. 4,32,685 in the total income of the respondent-assessee - it was a clear case of collection of amount towards issuance of shares in future and cannot by any stretch of imagination be termed as trading receipts - Tribunal, was legally correct to delete the addition of Rs. 4,32,685 holding that the Revenue has failed to prove that these deposits were in the nature of revenue receipts
|