https://www.taxtmi.com/caselaws?id=241493 The Bombay High Court allowed the appeal challenging the Income Tax Appellate Tribunal's order for Assessment Year 1990-91. The Court ruled in favor of the assessee, holding that amounts of nonrefundable and refundable deposits converted into share capital or repaid should not be treated as income. Additionally, the Court decided that interest payable on deposits should be allowed as an expenditure and deducted from the society's income. The decision was based on previous court rulings and the interpretation of relevant laws, bylaws, and government directives. en-us Thu, 05 Dec 2013 00:00:00 +0530 Wed, 25 Dec 2013 06:58:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241493 The Bombay High Court allowed the appeal challenging the Income Tax Appellate Tribunal's order for Assessment Year 1990-91. The Court ruled in favor of the assessee, holding that amounts of nonrefundable and refundable deposits converted into share capital or repaid should not be treated as income. Additionally, the Court decided that interest payable on deposits should be allowed as an expenditure and deducted from the society's income. The decision was based on previous court rulings and the interpretation of relevant laws, bylaws, and government directives. Case-Laws Income Tax Thu, 05 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241493