https://www.taxtmi.com/caselaws?id=15517 The High Court of GUJARAT considered whether interest and miscellaneous receipts received by a co-operative society should be assessed as income under the Income-tax Act, 1961. Despite the Tribunal ruling in favor of the assessee, the High Court disagreed, following a Supreme Court precedent that such income is taxable regardless of its use. The High Court held that the receipts were income from other sources and should be taxed. Consequently, the Court ruled against the assessee, emphasizing that income generated is taxable under the Act, irrespective of its utilization. en-us Thu, 16 Apr 1998 00:00:00 +0530 Tue, 25 Aug 2009 17:01:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15517 The High Court of GUJARAT considered whether interest and miscellaneous receipts received by a co-operative society should be assessed as income under the Income-tax Act, 1961. Despite the Tribunal ruling in favor of the assessee, the High Court disagreed, following a Supreme Court precedent that such income is taxable regardless of its use. The High Court held that the receipts were income from other sources and should be taxed. Consequently, the Court ruled against the assessee, emphasizing that income generated is taxable under the Act, irrespective of its utilization. Case-Laws Income Tax Thu, 16 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15517