https://www.taxtmi.com/news?id=482 The assessee treated lump-sum life membership subscriptions as security/dharohar and recorded them as liabilities; the assessing officer treated them as taxable revenue receipts. The High Court found these receipts not to be revenue receipts and not taxable as business income, but remanded to permit the assessing officer to examine whether interest on the principal sums-given transfers to family members and potential partnership disguise-is assessable and to determine the taxable extent. en-us Sun, 22 Jun 2008 23:08:28 +0530 Mon, 23 Jun 2008 10:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=482 The assessee treated lump-sum life membership subscriptions as security/dharohar and recorded them as liabilities; the assessing officer treated them as taxable revenue receipts. The High Court found these receipts not to be revenue receipts and not taxable as business income, but remanded to permit the assessing officer to examine whether interest on the principal sums-given transfers to family members and potential partnership disguise-is assessable and to determine the taxable extent. News - Sun, 22 Jun 2008 23:08:28 +0530 https://www.taxtmi.com/news?id=482