2004 (10) TMI 56

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..... income under section 68 of the Income-tax Act, 1961?" - we find that the Tribunal has held that the deposits in question were deposits and not an income of the respondent-assessee. It was in the nature of security deposit which has been fully explained and, therefore, it should not have been added. From the findings recorded by the Tribunal, we are of the considered opinion that the provision of s .....

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..... noticed various deposits in the names of 108 parties. On being asked to explain the nature and source of these deposits, the respondent-assessee was unable to furnish the addresses of depositors. However, he submitted that patients used to come for treatment at his place and were required to make a deposit. Part of the deposit was adjusted towards the fees and expenses and the remaining part was t .....

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..... e Revenue, and Shri Shakeel Ahmed, learned counsel appearing for the respondent-assessee. From a perusal of the order of the Tribunal, we find that the Tribunal has held that the deposits in question were deposits and not an income of the respondent-assessee. It was in the nature of security deposit which has been fully explained and, therefore, it should not have been added. From the findings .....

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