Taxability of deposits from consumers.

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..... he same to the general reserve. 2. The question of taxability of these deposits have been examined by the Board. Board are of the view that if the deposits received by a concern in substance partakes of the nature of a trading receipt than of a security deposit, such deposits would be taxable as revenue income in the year of receipt. In this context, reference is invited to the decision of the Su .....

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