Revenue deduction for non interest telephone deposits allowed, with subsequent refunds treated as taxable income under statutory provision. Payments under the Tatkal Telephone Deposit Scheme that constitute a non interest, not fully refundable deposit may be allowed as revenue expenditure and deducted in the year of payment; any portion later refunded on surrender or otherwise must be treated as the assessee's income in the year of refund and brought to tax.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Revenue deduction for non interest telephone deposits allowed, with subsequent refunds treated as taxable income under statutory provision.
Payments under the Tatkal Telephone Deposit Scheme that constitute a non interest, not fully refundable deposit may be allowed as revenue expenditure and deducted in the year of payment; any portion later refunded on surrender or otherwise must be treated as the assessee's income in the year of refund and brought to tax.
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