https://www.taxtmi.com/caselaws?id=447822 The court held that the sum of Rs. 50.00 lakhs received by the petitioner as an interest-free refundable security deposit should not be treated as taxable income under "Income from other sources" for the Assessment Year 2019-20. The court found that the terms of the Development Agreement with M/s. Royal Mindz Infra Pvt. Ltd. confirmed the amount as a security deposit. Consequently, the court directed the petitioner to record it as such in its books and ordered the tax authorities to halt any tax collection efforts regarding this amount. en-us Thu, 28 Dec 2023 00:00:00 +0530 Fri, 05 Jan 2024 08:47:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447822 The court held that the sum of Rs. 50.00 lakhs received by the petitioner as an interest-free refundable security deposit should not be treated as taxable income under "Income from other sources" for the Assessment Year 2019-20. The court found that the terms of the Development Agreement with M/s. Royal Mindz Infra Pvt. Ltd. confirmed the amount as a security deposit. Consequently, the court directed the petitioner to record it as such in its books and ordered the tax authorities to halt any tax collection efforts regarding this amount. Case-Laws Income Tax Thu, 28 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447822