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Request to NAMO government A reasonable view taken by assessee must be respected and un-necessary proceedings and litigation by revenue must be avoided. - Year in which assessable - a case of un-necessary litigation by revenue before High Court and the Supreme court in respect of interest on statutory trust money deposits out of public issue money before of process of allotment listing and refund.

Request to NAMO government: A reasonable view taken by assessee must be respected and un-necessary proceedings and litigation by revenue must be avoided. - Year in which assessable - a case of un-necessary litigation by revenue before High Court and the Supreme court, in respect of interest on statutory trust money deposits out of public issue money before of process of allotment, listing and refund. - Income Tax - Direct Tax Code - DTC - By: - CA DEV KUMAR KOTHARI - Dated:- 22-9-2015 - Relevant .....

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orms, 1956, Section 88 of the Indian Trusts Act, 1882, Concepts under consideration: Money held under trust and legal obligations and interest thereon is not income of trustee. Accrual of interest as income in case of deposits made out of public issue proceeds before completion of allotment, listing and refund as per law. Chronological events: Assessment order dt. 10-1-1996 u/s 143.3 / 147 For AY 1992-93 ITAT order dt. - 21 January 1997 High Courts judgment dt. 16 December 2003 Supreme Courts ju .....

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bove) and judgments on issue of accrual and accrual as income of assessee held that the interest though related with period ending on 31.03.1992 was not income of assessee for AY 1992-93 and only that portion which remained with assessee after discharge of all obligations to pay principal and interest to applicant was income of assessee in for AY 1993-94. This is pure finding of fact, therefore, revenue should not have challenged order of Tribunal before the High Court and then the judgment of t .....

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rities initiate different proceedings on such issues, which involve un-necessary litigation. Costs should be allowed in favour of tax payers: It is ground reality that in many such cases, the revenue is litigating up to Supreme Court on issues which are settled or in any case the assessee has taken a reasonable view. This case was a fit case, in which the learned AO should have dropped reassessment proceedings for AY 1992-93 because the assessee had taken a very reasonable view and offered incom .....

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