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2011 (4) TMI 111 - JHARKHAND HIGH COURTSection 2(24)(x) - Collection of amount from the employee - pension scheme or Deposit bearing interest - nature of collection - Held that: - The very birth mark of the deposit was for the Scheme, therefore, it cannot be considered to be a deposit for the purposes of earning interest - The argument of the learned counsel for the Respondent is unacceptable, because the money was deposited with the MECON, the employer with a clear understanding, that the same will be deposited in a Scheme - Therefore, in terms of Section 2 (24)(x) of the Income Tax Act, it is an income as delineated in the Section and therefore, this forms part of the taxable income of the MECON and in that view of the matter, the judgment of the Tribunal is reversed - deposit to be treated as Income.
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