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2003 (11) TMI 57 - HC - Income TaxDeposits - Whether the Tribunal was justified in treating the deposits as of capital nature - When a person deposits some money in a bank that amount does not become the income of the bank but is rather the capital of the bank in the form of borrowed capital. Income is ordinarily that which flows out of capital. No doubt any amount which is 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, but the deposits themselves can obviously not amount to income - In the present case there is no such finding that the deposit was forfeited or that at the end of the transaction the security deposit became the property of the assessee or that it changed from a capital receipt to a revenue receipt - we find no referable question of law arising out of the Tribunal's order.
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