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TMI Blog2013 (11) TMI 979X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee. The assessee is merely a custodian of the deposit. The income arises from the deposits i.e. dividend, interest etc- Although any amount which was earned by the assessee on these deposits made with it, minus any legitimate expenses incurred in the business, would amount to income of the assessee the deposits themselves could not amount to income - There was no forfeiture of any de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.14.82 lakhs, which was treated by the appellate authorities as a capital receipt. The brief facts of the case are that the assessee is a partnership firm. During the assessment year under consideration, the assessee was engaged in running some financial schemes in which deposits were collected from the Public. The assessment was completed on 19.03.1986 at a loss of Rs.10,86,858/- as against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e claim of the assessee by observing that the deposits are capital receipts. The same was confirmed by the Tribunal vide its impugned order. Still not being satisfied, the department has filed the present appeal. With this background, heard Sri Alok Mathur, learned counsel for the Revenue and Sri Waseeq Uddin Ahmad learned counsel for the assessee. After hearing both the parties and on perusal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that no part of the deposit is the income of the assessee. The assessee is merely a custodian of the deposit. The income arises from the deposits i.e. dividend, interest etc. The facts and circumstances of the ratio laid down in the case of Sahara Investment India Limited (supra) are identical. So, the present appeal has no merit and the same is liable to be dismissed. Needless to mention that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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