The assessee is involved in the business of selling holiday membership plans to its members. It had certain affiliation with certain hotels which provided accommodation to its members. Securities and Exchange Board of India (SEBI) vide order dt. 21st August, 2015 held that schemes floated and prescribed by the assssee constitute Collective Investment Schemes (CIS). Only 2% of the members /investors have availed of the holiday facilities other 98% investors who have invested money with the sole motive of receiving the assured returns in the form of interest. The assesee has not deducted the tax at source.   The AO assessed the deposit as income and also disallowed the interest for failure to deduct tax at source. CIT(A) affirmed the order of the AO. On appeal the Tribunal held that the schemes floated by the assessee were held to be in the nature of CIS and therefore, the NAC paid by the assessee to its members was considered as interest on deposits, such deposits by the members cannot be treated as revenue in the hands of the assessee.  The deposits received from the members cannot be treated as revenue receipt in the hands of the assessee. Tribunal also held that it is trite law that entries in the books of account are not decisive or determinative of the true nature of the entries. Accordingly   the amount received by the assessee from its members, to the extent the same is treated as income in its books of account, is directed to be reduced while calculating the total income of the assessee. (AY. 2009-10 to 2015-16)