Bombay High Court Dismisses Revenue's Appeal in Sugar Factory Tax Case — Interest on Non-Refundable Deposits Not Taxable as Income. Following Supreme Court precedent, the Court held that non-refundable deposits from members are capital receipts and interest thereon cannot be treated as income of the cooperative sugar factory.
27 Feb 2012The case involved a tax appeal by the Commissioner of Income Tax against Shetkari Sahakari Sakhar Karkhana Limited, a cooperative sugar factory. The p...




