Friday 28 February 2014

Income from deposits couldn’t be added to Sahara's income as it was only a custodian of such deposit

IT: Where assessee-firm received deposits from public under some financial schemes, in view of fact that assessee was merely a custodian of deposit and income arose from deposits in form of dividend, interest etc., Tribunal was justified in holding that deposits themselves could not amount to income chargeable to tax


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