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Dividend from chit fund company

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 May 2014 One of my client had invested in a chit fund company divided received from chit fund company. Is it taxable or Not.

Please guide me in this regard.


Regards

CHARAN
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Sandeep Dharar

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Sandeep Dharar (Expert)
14 May 2014 Andhra Pradesh High Court in the case of CIT Vs. Kovur Textile 136 ITR 61 has held that chit fund bid loss is a business loss and chit dividend is an income. Hope your problem is solved
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