TMI Blog2013 (12) TMI 1158X X X X Extracts X X X X X X X X Extracts X X X X ..... T 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. - ITA No. 666 of 2003 - - - Dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Whether on the facts and in the circumstances of the case and in law, the appellate tribunal was justified in disallowing interest actually paid by the appellant on the above deposits and treating the same as income of the appellant? 3. So far as question no.1 is concerned, the counsel for the parties are agreed that the issue stands covered in favour of the assessee and against the revenue by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ra) while following the Apex Court order in CIT v. Shri Chatrapati Sahakari Sakhar Karkhana Ltd., (supra) has held that 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. 6. However, Mr. Vimal Gupta, learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Therefore, it is submitted that the decision of this Court in CIT v. Shri Bhogawati Sahakari Sakhar Karkhana Ltd. (supra) does not lay down the correct law. 7. In response to a specific query from the Court as to whether the decision of the Division Bench of this Court in Shri Bhogawati Sahakari Sakhar Karkhana Ltd. (supra) was challenged before the Apex Court, the learned counsel for the revenu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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