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2013 (12) TMI 1158 - HC - Income TaxWhether conversion of deposit is income - Held that:- Following CIT v. Shri Bhogawati Sahakari Sakhar Karkhana Ltd. [2005 (8) TMI 66 - BOMBAY High Court] - Conversion of deposits is not income of the trust. Whether interest paid on deposits is allowable - Held that:- Following CIT v. Shri Bhogawati Sahakari Sakhar Karkhana Ltd. [2005 (8) TMI 66 - BOMBAY High Court] - Interest payable on refundable and nonrefundable deposits is also an expenditure of the society and is liable to be deducted from income taking into consideration the Maharashtra Cooperative Societies Act, bylaws and the Government directives - Decided in favour of assessee.
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