No Income Tax Leviable on Interest-Free Project Completion Refundable Security Deposit made by Developer: Andhra Pradesh HC [Read Order]
Andhra Pradesh High Court directed the income tax authorities to drop the tax proceedings against the interest-free refundable security deposit of Rs. 50 lakhs made by the builder.
By Navasree A.M - On January 5, 2024 10:31 am - 2 mins read
The Andhra Pradesh High Court has ruled that no income tax shall be levied on the interest-free refundable security deposit provided by the developer upon the due completion of the project. The High Court has instructed the income tax department to cease the tax proceedings. The bench of Justice U.Durga Prasad Rao and Justice Venkata…
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