Supreme Court · 2019 INSC 732 · Decided 9 July 2019
The Peerless General Finance and Investment Company LTD. v. Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 2019 INSC 732 · [2019] 18 S.C.R. 957
- Case number
- CIVIL APPEAL No. 1265/2007
- Decided
- 9 July 2019
- Bench
- R.F. NARIMAN, SANJIV KHANNA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act
Headnote
Income Tax Act, 1961 - AYs 1985-86 and 1986-97 - Subscriptions received from public at large under collective investment scheme - Difference between capital receipts and revenue receipts - Assessee-company floated scheme which required subscribers to deposit amounts by way the end of the scheme, the subscribed amounts were repaid with interest - Scheme also contained forfeiture clause - Dispute whether receipts of subscriptions in the hands of assessee-company should be treated as income or capital receipts - Held: The amount deposited with the
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