TMI Blog2021 (3) TMI 849X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee club, the assessing officer could not have added the same to the income of the assessee club. The tribunal has correctly, in our opinion, deleted the addition. These are the findings of fact, which we are not inclined to interfere with, as we find that there is no perversity in the view taken by the tribunal on the given facts. - Decided against revenue. - ITA 80/2021 & CM No.10780/2021 - - - Dated:- 18-3-2021 - HON'BLE MR. JUSTICE RAJIV SHAKDHER AND HON'BLE MR. JUSTICE TALWANT SINGH Appellant Through: Mr. Ajit Sharma with Mr. Anant Ram Mishra, Advs. Respondent Through: Mr. Rohit Jain with Mr. Aniket D. Agrawal, Advs. RAJIV SHAKDHER, J. (ORAL): 1. This appeal is directed against the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the time of their enrolment as a member is refundable on occurrence of the contingency mentioned in the rules and regulation and bylaws, therefore it is required to be treated as a deposit, thus, a capital receipt. Therefore, it was held that it is not an income of the assessee. As in the case of the assessee also the security deposit is refundable hence respectfully following the decision of the honourable Gujarat High Court in 392 ITR 601, we also hold that the sum of refundable security deposit received from the members of the assessee is a capital receipt and cannot be charged to tax as income. Accordingly, we direct the learned assessing officer to delete the addition to the extent of refundable deposit received from the members. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at must be paid by individual member at the time of applying for membership. .. .. .. In Article 3 Membership .. .. .. Section 4 Application and Selection .. .. .. d) Security Deposit An interest free Security Deposit shall be required for individual membership classifications. The amount of the Security Deposit and the manner of payment shall be established by the Management Committee from time to time and shall be set forth in the schedule of fees. e) Refund of Security Deposit The security deposit amount which shall be paid by every individual member shall be non interest bearing and is refundable. If a Member opts for refund, he or she shall cease to be a Member of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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