Accrual of interest on deposits - Co-operative society had not ...

Income Tax

November 16, 2019

Accrual of interest on deposits - Co-operative society had not come into existence till the end of relevant previous year - the assessee cannot hold the amount in fiduciary capacity of a non-existent entity. - If arguments forwarded by assessee are accepted, then the interest income on fixed deposits would escape tax net - Income could not be earned in vacuum and it should accrue to certain beneficiary.

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Accrual of interest on deposits - Co-operative society had not ...

Income Tax

November 16, 2019

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