https://www.taxtmi.com/caselaws?id=180758 The Tribunal rejected the Revenue's appeal regarding the addition of membership fee income, agreeing with the Assessee that refundable deposits are not taxable. The Tribunal upheld the disallowance under section 14A of the Income Tax Act due to administrative expenses. It ruled in favor of the Assessee on treating security deposits as non-taxable income. The issue of set off of carried forward depreciation and short term capital loss was remitted for fresh assessment. The initiation of interest under sections 234B/234C/234D was considered consequential. The Tribunal deemed the penalty proceedings premature and dismissed them. en-us Mon, 30 Nov 2015 00:00:00 +0530 Fri, 01 Apr 2016 11:24:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180758 The Tribunal rejected the Revenue's appeal regarding the addition of membership fee income, agreeing with the Assessee that refundable deposits are not taxable. The Tribunal upheld the disallowance under section 14A of the Income Tax Act due to administrative expenses. It ruled in favor of the Assessee on treating security deposits as non-taxable income. The issue of set off of carried forward depreciation and short term capital loss was remitted for fresh assessment. The initiation of interest under sections 234B/234C/234D was considered consequential. The Tribunal deemed the penalty proceedings premature and dismissed them. Case-Laws Income Tax Mon, 30 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180758