https://www.taxtmi.com/caselaws?id=378989 Amounts received as entrance fee and membership fee on admission of members of a co-operative bank could not be characterised as capital or revenue receipts merely by nomenclature or by the claim that they were one-time receipts. Their true nature depended on verification of the bye-laws, the rights attached to different classes of members, the method of computation, whether shares were allotted, and whether the sums were refundable on cessation of membership. As the relevant material required examination and similar issues had earlier been sent back for de novo review, the matter was restored for fresh adjudication on the facts and records. en-us Mon, 22 Apr 2019 00:00:00 +0530 Wed, 24 Apr 2019 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378989 Amounts received as entrance fee and membership fee on admission of members of a co-operative bank could not be characterised as capital or revenue receipts merely by nomenclature or by the claim that they were one-time receipts. Their true nature depended on verification of the bye-laws, the rights attached to different classes of members, the method of computation, whether shares were allotted, and whether the sums were refundable on cessation of membership. As the relevant material required examination and similar issues had earlier been sent back for de novo review, the matter was restored for fresh adjudication on the facts and records. Case-Laws Income Tax Mon, 22 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378989