https://www.taxtmi.com/caselaws?id=55738 The Tribunal held in favor of the assessee, a subsidiary company, in a case concerning the treatment of forfeited staff service deposits and security deposits for income tax purposes. The Commissioner's order under section 263 was set aside, and the reassessment directed by the Commissioner was deemed unsustainable. The Tribunal concluded that the security deposit, even when forfeited, did not qualify as a trading receipt, maintaining that its nature was fixed upon receipt and not altered by subsequent events. The Tribunal reinstated the ITO's order, allowing the assessee's appeal. en-us Fri, 26 Feb 1982 00:00:00 +0530 Mon, 29 Nov 2010 17:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55738 The Tribunal held in favor of the assessee, a subsidiary company, in a case concerning the treatment of forfeited staff service deposits and security deposits for income tax purposes. The Commissioner's order under section 263 was set aside, and the reassessment directed by the Commissioner was deemed unsustainable. The Tribunal concluded that the security deposit, even when forfeited, did not qualify as a trading receipt, maintaining that its nature was fixed upon receipt and not altered by subsequent events. The Tribunal reinstated the ITO's order, allowing the assessee's appeal. Case-Laws Income Tax Fri, 26 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55738