Request to NAMO government: A reasonable view taken by assessee must be respected and un-necessary proceedings and litigation by revenue must be avoided. - Year in which assessable - a case of un-necessary litigation by revenue before High Court and the Supreme court, in respect of interest on statutory trust money deposits out of public issue money before of process of allotment, listing and refund. https://www.taxtmi.com/article/detailed?id=6454 The tribunal found that interest on statutory trust deposits arising before 31 March 1992 was not the assessee's income for AY 1992-93 and that only amounts retained after discharging trust obligations constituted income in AY 1993-94; revenue's reassessment and appeals were therefore avoidable and authorities should respect reasonable views, award costs to taxpayers in fit cases, and consider deterrents against unwarranted litigation by tax officials. en-us Tue, 22 Sep 2015 06:52:44 +0530 Tue, 22 Sep 2015 06:52:44 +0530 TaxTMI RSS Generator Request to NAMO government: A reasonable view taken by assessee must be respected and un-necessary proceedings and litigation by revenue must be avoided. - Year in which assessable - a case of un-necessary litigation by revenue before High Court and the Supreme court, in respect of interest on statutory trust money deposits out of public issue money before of process of allotment, listing and refund. https://www.taxtmi.com/article/detailed?id=6454 The tribunal found that interest on statutory trust deposits arising before 31 March 1992 was not the assessee's income for AY 1992-93 and that only amounts retained after discharging trust obligations constituted income in AY 1993-94; revenue's reassessment and appeals were therefore avoidable and authorities should respect reasonable views, award costs to taxpayers in fit cases, and consider deterrents against unwarranted litigation by tax officials. Articles Income Tax Tue, 22 Sep 2015 06:52:44 +0530 https://www.taxtmi.com/article/detailed?id=6454