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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 ..... by Hon'ble Dr. Satish Chandra, J) The present appeal under Section 260-A of the Income Tax Act, 1961 has been preferred by the department against the judgment and order dated 12.05.2005 passed by the Income Tax Appellate Tribunal, Lucknow in Income Tax Appeal No.743/Alld/2000 for the assessment year 1983-84. The sole grievance of the department is pertaining to the nature of the receipt i.e. am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... return loss of Rs.17,33,930/-. In this order, the A.O. has treated the amount of Rs.14,82,727/- as the revenue receipt in nature. Being aggrieved, the assessee has filed an appeal before the CIT (A) and claimed that the said amount is a part of the deposit received as per the schemes run by the assessee and is capital in nature and no amount, therefore, was liable to be taxed. The CIT (A) has allo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which flows out of capital. The court has to see the true nature of the receipts and not go only by the entry in the books of account." In the instant case, the assessee - company was engaged in the business of collecting deposits from the public under different finance schemes. The A.O. rejected the assessee's claim and treated the amount in question as the income of the assessee. But fact rema ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on it to prove that the deposits were revenue receipts and therefore, liable to tax. Therefore, there was no question of law that arose out of the order of the Tribunal. In view of above, we find no reason to interfere with the concurrent findings of the appellate authorities and the same are hereby sustained along with the reasons mentioned therein. No substantial question of law is emerging fro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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