https://www.taxtmi.com/caselaws?id=4138 The High Court held that life membership subscriptions were not revenue receipts liable to tax, following precedents that such deposits are capital receipts. However, the issue of interest income accrued on deposits was remanded for further examination by the Assessing Officer due to complexities surrounding the firm's financial practices and family affairs. The Court partially allowed the appeals, exempting subscription amounts from taxation but requiring detailed scrutiny on interest income. en-us Fri, 18 Jan 2008 00:00:00 +0530 Sat, 26 Jul 2008 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4138 The High Court held that life membership subscriptions were not revenue receipts liable to tax, following precedents that such deposits are capital receipts. However, the issue of interest income accrued on deposits was remanded for further examination by the Assessing Officer due to complexities surrounding the firm's financial practices and family affairs. The Court partially allowed the appeals, exempting subscription amounts from taxation but requiring detailed scrutiny on interest income. Case-Laws Income Tax Fri, 18 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4138