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2018 (8) TMI 1644 - AT - Income TaxDisallowance on account of members security deposit - according to the AO is membership fees collected from its members and is to be treated as income for the relevant year - Held that:- We find that on this issue we do not require any extra efforts to examine the case of the assessee in order to come to the conclusion that money received from the members are in the nature of loan, which are to be refunded to the members back after 25 years, and not in the nature of income as observed by the AO. The Tribunal in the assessee’s own case, for earlier years on similar issue has allowed claim of the assessee, which was affirmed by the Hon’ble jurisdictional High Court in further appeal[2016 (12) TMI 1559 - GUJARAT HIGH COURT]. Therefore, this issue is almost settled.- Decided in favour of assessee
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