9911796707
TMI Blog2014 (1) TMI 1541X X X X Extracts X X X X X X X X Extracts X X X X ..... ount is capital which will be utilized to earn income - The money deposited is nothing but the capital in nature - Decided against Revenue. - Income Tax Appeal No. - 199 of 2005, Income Tax Appeal No. - 200 of 2005, Income Tax Appeal No. - 28 of 2004 - - - Dated:- 21-1-2014 - Hon'ble Dr. Satish Chandra And Hon'ble Vishnu Chandra Gupta,JJ. For the Appellant : Alok Mathur For the Respondent : W. U. Ahmed, Amit Shukla ORDER All the present appeals have been filed by the Department under Section 260A of the Income-Tax Act, 1961 against the judgments and orders dated 11.07.2005 and 17.11.2003, passed by the Income Tax Appellate Tribunal, Lucknow in ITA Nos.2056/ALLD/96; 332/ALLD/94 432/ALLD/94; and 514/Alld/1995, for the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Bench of this Court has observed that the questions involved in the present appeal are also involved in the Income Tax Appeal No.199 of 2005. The appeal was admitted on the similar questions, which was framed in ITA No.199 of 2005 (supra). The brief facts of the case are that the assessee is engaged in the business of running financial schemes. During the assessment years under consideration, the assessee-company collected the deposits from the public under various schemes through its sister concern M/s. Sahara India, acting as agent. The assessee-company had show 20% of the collections as its revenue receipt. For this purpose, the assessee has filed return on 18.04.1991, where the assessee has shown the receipts as revenue receipt. How ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llection amount was shown by the assessee himself as revenue receipt. Now the same stand cannot be changed. It is also a submission of the learned counsel for the revenue that without filing the revised return, the claim cannot be made by the assessee. This aspect of the matter was not examined by the Tribunal. So, the impugned order may kindly be set aside and restore to the Tribunal. On the other hand, Sri J.N. Mathur, learned Senior Counsel assisted by Sri Wasiquddeen Ahmad, learned counsel for the assessee has justified the impugned order passed by the Tribunal. He submits that no revised return was ever filed by the assessee. Vide objection submitted in response to the notice under Section 142(1) of the Act, the claim was made that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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