https://www.taxtmi.com/caselaws?id=239802 The court upheld the lower authorities' decision regarding the treatment of a receipt of Rs.14.82 lakhs as a capital receipt for taxation purposes. The appellant, a partnership firm involved in financial schemes, argued that the amount was part of deposits received and should be considered capital. The court emphasized that deposits themselves are not income, and any earnings from them would constitute income. As the department failed to prove the deposits were revenue receipts subject to taxation, the court found no merit in the appeal and dismissed it, stating that no substantial question of law arose from the tribunal's order. en-us Wed, 20 Nov 2013 00:00:00 +0530 Fri, 22 Nov 2013 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239802 The court upheld the lower authorities' decision regarding the treatment of a receipt of Rs.14.82 lakhs as a capital receipt for taxation purposes. The appellant, a partnership firm involved in financial schemes, argued that the amount was part of deposits received and should be considered capital. The court emphasized that deposits themselves are not income, and any earnings from them would constitute income. As the department failed to prove the deposits were revenue receipts subject to taxation, the court found no merit in the appeal and dismissed it, stating that no substantial question of law arose from the tribunal's order. Case-Laws Income Tax Wed, 20 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239802