Income Tax Not Leviable On Interest-Free Refundable Security Deposit For Due Completion Of Project By Developer: Andhra Pradesh High Court

In a significant development, the Andhra Pradesh High Court, in its Special Original Jurisdiction, delivered a verdict on Thursday, the 28th day of December 2023, in Writ Petition No: 15833 of 2023. The case involved M/s Coastal Ceramics and Clay Works Private Ltd. versus the Union of India and others. Key Points of the Case: 1. Background: - The bone of contention was a refundable security deposit of Rs.50.00 lakhs…