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2013 (11) TMI 979 - HC - Income TaxCapital receipt or revenue receipt – financial schemes in which deposits were collected from the Public - Held that:- Following Commissioner of Income Tax vs. Sahara Investment India Limited [2003 (11) TMI 57 - ALLAHABAD High Court] - No part of the deposit is the income of the assessee. The assessee is merely a custodian of the deposit. The income arises from the deposits i.e. dividend, interest etc- Although any amount which was earned by the assessee on these deposits made with it, minus any legitimate expenses incurred in the business, would amount to income of the assessee the deposits themselves could not amount to income - There was no forfeiture of any deposit and did not discharge the onus which was cast on it to prove that the deposits were revenue receipts and therefore, liable to tax – Decided against Revenue.
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