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TMI Blog2011 (4) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... t - The argument of the learned counsel for the Respondent is unacceptable, because the money was deposited with the MECON, the employer with a clear understanding, that the same will be deposited in a Scheme - Therefore, in terms of Section 2 (24)(x) of the Income Tax Act, it is an income as delineated in the Section and therefore, this forms part of the taxable income of the MECON and in that vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the tune of Rs. 94 lacs and odd was realised from the employees as contribution to a Scheme, which was likely to be floated in the nature of pension Scheme or in any other Scheme but that could not be fructified because such Scheme was not approved and therefore, the amount as delineated in Section 2 (24) (x) of the Income Tax Act, having not been deposited in the Scheme, was an income assessable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxed and therefore, the findings of the Tribunal are unsustainable. 4. Learned counsel for the Respondent submits that since there was no Scheme in existence, therefore, it can be treated as a deposit and therefore, the same having been returned with 13 per cent interest, cannot be considered to be a taxable income. 5. We have considered the rival submissions of the parties and considered t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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