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Financial Services Hotline: Contingent deposits taxable holds SC
  • Nishith Desai Associates
  • India
  • October 19 2012

The Supreme Court in its recent decision in the case of Ms. Sundaram Finance Ltd. v. Assistant Commissioner of Income Tax, Chennai held contingent deposits received by the assessee, being a non-banking finance company, from leasinghire purchase customers with a view to protect itself from potential sales tax liability as “income” and assessable to income-tax on the grounds that deposits were not kept in a separate interest bearing account, rather they formed part of the business turnover.

Shashank Singh
  • Nishith Desai Associates