https://www.taxtmi.com/caselaws?id=11376 The High Court ruled in favor of the assessee, holding that deposits accepted under various schemes and converted into income were capital receipts, not taxable income under the Income-tax Act. The court emphasized that the deposits themselves were not income but capital receipts, even when administrative charges were deducted. Previous court decisions supported this view, and the Department failed to prove the deposits were taxable. The court also found no issue with the Tribunal's acceptance of the income revision by the assessee in 1994, concluding that the deposits remained capital receipts and did not transform into revenue receipts. en-us Tue, 18 Nov 2003 00:00:00 +0530 Fri, 07 Aug 2009 13:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11376 The High Court ruled in favor of the assessee, holding that deposits accepted under various schemes and converted into income were capital receipts, not taxable income under the Income-tax Act. The court emphasized that the deposits themselves were not income but capital receipts, even when administrative charges were deducted. Previous court decisions supported this view, and the Department failed to prove the deposits were taxable. The court also found no issue with the Tribunal's acceptance of the income revision by the assessee in 1994, concluding that the deposits remained capital receipts and did not transform into revenue receipts. Case-Laws Income Tax Tue, 18 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11376