Supreme Court of India
The Peerless General Finance and Investment Company Ltd. v. Commissioner of Income Tax
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From the headnote
Income Tax Act, 1961 – AYs 1985-86 and 1986-97 – Subscriptions received from public at large under c ollective investment scheme – Difference between capital receipt s and revenue receipts – Assessee-company floated scheme which re quired subscribers to deposit amounts by way of subscriptions, and, at the end of the scheme, the subscribed amounts were repaid with int erest – Scheme also contained forfeiture clause – Dispute whether re ceipts of subscriptions in the hands of assessee-company should be tre ated as income or capital receipts – Held: The amount dep osited with the
Authorities it was built on
- 1987 Reserve Bank of India v. Peerless General Finance & Investment Co. Ltd. Ors. and Vice Versa
- 1992 Peerless General Finance and Investment Co. Ltd. and Anr v. Reserve Bank of India
- 1965 Parimisetti Seetharamamma v. Commissioner of Income-tax, Hyderabad
- 1965 Poona Electric Supply Co. Ltd. v. Commissioner of Income-tax, Bombay
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