https://www.taxtmi.com/caselaws?id=27423 The court determined that the lease agreement entered into by the assessee in the course of its cinema film exhibition business constituted a revenue receipt. The forfeited security deposit of Rs. 40,000 was considered income taxable under the head "Business," as it did not impact the trading structure or income source. The court referenced precedents, including the SC decision in CIT & EPT v. South India Pictures Ltd., to support its conclusion. The court ruled in favor of the Revenue, holding the forfeited deposit as taxable income and denied the application for leave to appeal to the SC. en-us Mon, 23 Jul 1984 00:00:00 +0530 Fri, 12 Feb 2010 17:28:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27423 The court determined that the lease agreement entered into by the assessee in the course of its cinema film exhibition business constituted a revenue receipt. The forfeited security deposit of Rs. 40,000 was considered income taxable under the head "Business," as it did not impact the trading structure or income source. The court referenced precedents, including the SC decision in CIT & EPT v. South India Pictures Ltd., to support its conclusion. The court ruled in favor of the Revenue, holding the forfeited deposit as taxable income and denied the application for leave to appeal to the SC. Case-Laws Income Tax Mon, 23 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27423