https://www.taxtmi.com/caselaws?id=369616 The ITAT upheld the CIT(A)'s decision in a tax case involving Indian Millennium Deposit (IMD) bonds, ruling that the bonds were not taxable as a "sum of money" under Section 56(2) of the Act. The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s deletion of the addition of the principal amount and interest. The ITAT found the CIT(A)'s decision to be legally sound, based on factual analysis and case law, and concluded that the IMD bonds were categorized as securities, not falling under the definition of a "sum of money." en-us Fri, 12 Oct 2018 00:00:00 +0530 Wed, 31 Oct 2018 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369616 The ITAT upheld the CIT(A)'s decision in a tax case involving Indian Millennium Deposit (IMD) bonds, ruling that the bonds were not taxable as a "sum of money" under Section 56(2) of the Act. The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s deletion of the addition of the principal amount and interest. The ITAT found the CIT(A)'s decision to be legally sound, based on factual analysis and case law, and concluded that the IMD bonds were categorized as securities, not falling under the definition of a "sum of money." Case-Laws Income Tax Fri, 12 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369616