Court Rules: Assessee Can't Evade Tax on Interest Income Due to Non-Existent Co-operative Society.

Court Rules: Assessee Can't Evade Tax on Interest Income Due to Non-Existent Co-operative Society. https://www.taxtmi.com/highlights?id=50248 Accrual of interest on deposits - Co-operative society had not come into existence till the end of relevant previous year - the assessee cannot hold the amount in fiduciary capacity of a non-existent entity. - If arguments forwarded by assessee are accepted, then the interest income on fixed deposits would escape tax net - Income could not be earned in vacuum and it should accrue to certain beneficiary. en-us Sat, 16 Nov 2019 15:38:54 +0530 Sat, 16 Nov 2019 15:38:54 +0530 TaxTMI RSS Generator Court Rules: Assessee Can't Evade Tax on Interest Income Due to Non-Existent Co-operative Society. https://www.taxtmi.com/highlights?id=50248 Accrual of interest on deposits - Co-operative society had not come into existence till the end of relevant previous year - the assessee cannot hold the amount in fiduciary capacity of a non-existent entity. - If arguments forwarded by assessee are accepted, then the interest income on fixed deposits would escape tax net - Income could not be earned in vacuum and it should accrue to certain beneficiary. Highlights Income Tax Sat, 16 Nov 2019 15:38:54 +0530 https://www.taxtmi.com/highlights?id=50248