https://www.taxtmi.com/caselaws?id=19429 The court held that compensation received from shareholders should be taxed as business income, not property income, covering maintenance charges and municipal taxes. The cancellation of the order under Section 104 of the Income-tax Act, 1961, deleting additional demand, was justified. The Income-tax Officer cannot enhance compensation beyond shareholder receipts. Non-refundable deposits are taxable as business income, deductible under Sections 28 or 37. Past losses can be carried forward and adjusted. Non-refundable deposits received in subsequent years are assessable income, with interest deductions allowable. No costs were ordered. en-us Wed, 27 Apr 1994 00:00:00 +0530 Fri, 06 Nov 2009 11:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19429 The court held that compensation received from shareholders should be taxed as business income, not property income, covering maintenance charges and municipal taxes. The cancellation of the order under Section 104 of the Income-tax Act, 1961, deleting additional demand, was justified. The Income-tax Officer cannot enhance compensation beyond shareholder receipts. Non-refundable deposits are taxable as business income, deductible under Sections 28 or 37. Past losses can be carried forward and adjusted. Non-refundable deposits received in subsequent years are assessable income, with interest deductions allowable. No costs were ordered. Case-Laws Income Tax Wed, 27 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19429