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2016 (3) TMI 1065 - AT - Income TaxSecurity deposit collected from its members refundable - whether receipts does not partake the character of income? - Held that:- The Tribunal in assessee’s own case passed for AY 2008-09, under the identical facts and circumstances of the case, has held that the security deposit collected from its members which is refundable and does not partake the character of income. Disallowance u/s 14A - Held that:- Looking to totality of the facts and circumstances of the case and in view of the submission made by the ld.counsel for the assessee, hold that the disallowance by applying the provisions of section 14A of the I.T.Act, 1961 is justified and in accordance with law.
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