Assessing Officer treated the refundable security deposit and membership fee as revenue receipt which is charged to tax. Tribunal held that refundable security deposit received from members of assessee was a capital receipt and could not be charged to tax as income. (AY. 2013-14, 2014-15, 2016-17)
Landbase India Ltd. v. ACIT (2020) 80 ITR 580 / 185 ITD 40 (Delhi)(Trib.)
S. 4 : Charge of income-tax-Capital or revenue-Refundable security and membership fee-Capital receipt.