Taxability of deposits from consumers.

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..... s by transferring the same to the general reserve. 2. The question of taxability of these deposits have been examined by the Board. Board are of the view that if the deposits received by a concern in substance partakes of the nature of a trading receipt than of a security deposit, such deposits would be taxable as revenue income in the year of receipt. In this context, reference is invited to th .....

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