2012 (7) TMI 1089

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....by: Shri Baban D. Patil, DR ORDER B. Ramakotaiah,   These two appeals are by the assessee Thane Bharat Sahakari Bank Ltd., against the orders of the Ld CIT (A), Thane dated 30.07.2010 and 29.07.2011respectively. The assessee has raised common grounds in both the appeals as under: "The CIT (A) erred in holding that "any receipt which is not refundable cannot become a capital ....

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....tated, in the course of assessment proceedings the Assessing Officer brought to tax an amount of Rs. 65,340/- collected as membership fees and Rs. 1,78,780/- as entrance fees in AY 2007-2008 and an amount of Rs. 54,680/- as membership fees and Rs. 1,51,650/- as entrance fees in AY 2008- 2009. In AY 2007-2008, the Assessing Officer brought an amount to tax on the reason that assessee failed to furn....

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....ble and therefore just because these amounts are non-refundable, these cannot become as a capital receipt. Hence, the assessee is in appeal. 4. Learned Counsel placed on record the bye-laws and submitted that the membership fees and entrance fees were collected on the admission of the member as a shareholder and therefore these amounts are capital in nature. For the observation that assessee ha....

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....s the entrance fees per member was only Rs. 50/- ( ie. 1000:50). When this question was placed before the Ld Counsel, why there is a membership fees of Rs. 65,340/- and Rs. 54,680/- only when entrance fees was at Rs. 1,78,780/- and Rs. 1,51,650/-, which does not tally with the ratios prescribed in the bye-law, he could not explain. Assessee has no objection if this aspect also was examined by the ....