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TMI Blog2011 (8) TMI 1162X X X X Extracts X X X X X X X X Extracts X X X X ..... hri Laxminiwas Sharma ORDER PER CHANDRA POOJARI, A.M. These two appeals by the Revenue are directed against the different orders of CIT(A)-II, Hyderabad, in respect of the above two assessees. Since the issue involving in both these appeals is common, these appeals were heard together and are being disposed of by this common order. 2. The issue involving in these appeals is with regard to c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, the question of deducting any tax at source from it would not arise. In the case of a chit fund, there is no borrowing of money nor any debt is incurred and as such the provisions of section 194A and 2(28A) of the Act are not attracted. 4. Similar view has been taken in the case of Bilahari Investments (P) Ltd., v. CIT, 288 ITR 39 (Mad). The view was confirmed by the Supreme Court in the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s dividend generated in this period. This amount of dividend gets distributed among all the members (subscribers) equally. The members (subscribers) need not pay the total monthly subscription and instead, they pay the monthly subscription after deducting the amount of dividend earned. Members who have bid for the chit in auction have the liability to keep the contribution to the chit till the end ..... X X X X Extracts X X X X X X X X Extracts X X X X
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