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2006 (9) TMI 124 - HC - Income TaxRevenue contend that interest is always treated as income whether earned from fixed deposits or from savings bank account. In the present case, the assessee is a co-operative house building society established with the specific objective of purchasing agricultural land for development as plots which then are allotted only to its own members. - CIT (Appeals) as well as ITAT concluded that the utilization of moneys received from members and kept in savings bank account is directly linked with the activity of purchasing agricultural land, developing the same and converting it into residential plots after obtaining approval of the Government of Haryana and thereafter distributing it to the members. Thus the moneys kept in the savings bank account have an inextricable link with the acquisition of land, a fact which the Income-tax Appellate Tribunal records, was not denied by the Revenue. – no question of law - revenue appeal dismissed
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