2013 (11) TMI 979

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....seeq Uddin Ahmed ORDER (Delivered by Hon'ble Dr. Satish Chandra, J) The present appeal under Section 260-A of the Income Tax Act, 1961 has been preferred by the department against the judgment and order dated 12.05.2005 passed by the Income Tax Appellate Tribunal, Lucknow in Income Tax Appeal No.743/Alld/2000 for the assessment year 1983-84. The sole grievance of the department is pert....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssment order was passed on 30.03.1994 at the return loss of Rs.17,33,930/-. In this order, the A.O. has treated the amount of Rs.14,82,727/- as the revenue receipt in nature. Being aggrieved, the assessee has filed an appeal before the CIT (A) and claimed that the said amount is a part of the deposit received as per the schemes run by the assessee and is capital in nature and no amount, therefore,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....form of borrowed capital. Income is ordinarily that which flows out of capital. The court has to see the true nature of the receipts and not go only by the entry in the books of account." In the instant case, the assessee - company was engaged in the business of collecting deposits from the public under different finance schemes. The A.O. rejected the assessee's claim and treated the amount in ....