appeal is about disallowance of interest of Rs. 1.07 crores on timeshare
deposits. During the assessment proceedings the AO found that assessee had claimed
deduction ... under the head interest on timeshare up to 30/06/2005. He
directed the assessee to furnish details of the expenditure and to show cause
issue was
whether where assessee was engaged in business of selling timeshare units in
its various resorts, entire amount of timeshare membership fee receivable
arbitration .
2. The petitioner claims that in the year 1996, a Timeshare scheme propounded by the respondent was proposed to the petitioner for the proposed ... terms and conditions have also been specified therein. A separate Certificate of Timeshare has also been issued. The terms and conditions include Clause 5.12, which
data processing operations.
Licensed Participant agrees not to use the Products for timesharing,
rental or service bureau.
Article 4-Transfer of Programs on Hardware System
proceedings. The petitioner is stated to be engaged in the business of timeshare vacation in tie-up with RCI-In International Company dealing with exchange
held
that, where the assessee company was in the business of selling timeshare
units in its various resorts, the entire amount of timeshare membership
Vishwas Khand
Gomti Nagar, Lucknow
...Appellant/Complainant
Vs.
Manager, Orphic Resorts Limited
Timeshare Division, B-201
Ansal Chamber 1,3 Bhikhaji Coma Place
New Delhi
