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2012 (5) TMI 123 - HC - Income TaxTreatment of receipt by way of subscription of magazine from life members – Tribunal held it as revenue receipt – Held that:- The assessee has failed to prove that the subscription amount which was received from the life members was in the nature of deposit and is refundable to the subscriber as and when any subscriber so desires - being no evidence that ten years subscription and annual subscription are considered as revenue receipt, there is no justification to treat the receipt of life membership subscription of the magazine differently other than the income receipt - the manner in which the sums are treated by the assessee in its accounts is neither conclusive nor a sure indication of the nature and character of the receipt – against assessee.
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