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2015 (5) TMI 683 - HC - Income TaxAdditions on account of non refundable deposits, interest on non refundable deposit, the Indira Vikas Awas Nidhi, Earthquake fund, Chief Minister's fund, Area Development fund, Cane Development fund, Small Savings etc. - Held that:- The non refundable deposits and interest thereon cannot be added to the income of the Sahakari Karkhana. To that extent the Revenue's stand has been negatived by this Court. Indira Awas Nidhi and Earthquake fund, the matter has been restored back to the Tribunal for being decided afresh and in the light of the judgment of this Court in the case of Shri Chhatrapati Sahakari Sakhar Karkhana Limited (2000 (5) TMI 22 - BOMBAY High Court). Chief Minister's fund, Area Development fund, Cane Development fund, Small Savings etc., insofar as the Chief Minister's fund is concerned, the question will have to be answered in favour of the assessee and against the Revenue in the light of the Division Bench judgment of this Court in the case of Shri Chhatrapati Sahakari Sakhar Karkhana Limited (2000 (5) TMI 22 - BOMBAY High Court). Area Development fund is concerned, the matter will have to go back to the Tribunal for being decided afresh and in the light of the authoritative pronouncement of the Division Bench. Cane development fund is a fund which has been said to be capable of treated as an income of the sugar factory and, therefore, the issue stands answered in favour of the Revenue and against the assessee. See CIT vs. Malegaon Sahakari Sakhar Karkhana Limited [2005 (8) TMI 90 - ALLAHABAD High Court ] & Siddheshwar Sahakari Sakhar Karkhana Limited vs. Commissioner of Income Tax,[2004 (9) TMI 6 - SUPREME Court]. Area Development fund etc. are concerned, the matter must go back to the Tribunal for fresh consideration in the light of the Division Bench judgment. Small Savings are concerned, the issue is answered in favour of the assessee and against the Revenue in terms of the Division Bench judgment in the case of Malegaon Sahakari Sakhar Karkhana Limited (supra).
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