Accrual of interest on deposits - Co-operative society had not come into existence till the end of...

Accrual of interest on deposits - Co-operative society had not come into existence till the end of relevant previous year - the assessee cannot hold the amount in fiduciary capacity of a non-existent entity. - If arguments forwarded by assessee are accepted, then the interest income on fixed deposits would escape tax net - Income could not be earned in vacuum and it should accrue to certain beneficiary. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X