Refunded Security Deposit not taxable under section 56(2)(vii)(a)

Chandarani N. Goyal Vs ITO (ITAT Mumbai)

Chandarani N. Goyal contested an order by the Income Tax Department, challenging the taxability of a security deposit refund under section 56(2)(vii)(a) of the Income Tax Act. The Mumbai Income Tax Appellate Tribunal (ITAT) addressed this issue.

The case revolved around a security deposit received by Chandarani N. Goyal from a developer as part of a development agreement. The Income Tax Officer (ITO) treated this deposit as taxable income under sect

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