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2005 (10) TMI 48 - HC - Income TaxAgainst the order of Tribunal holding in favour of the assessee that the first year's subscription was a capital receipt, a reference under section 256(2) was sought by the Revenue before this High Court - "(a) Whether the judgment of the Supreme Court in Peerless General Finance and Investment Co. Ltd. v. Reserve Bank of India [1992] 75 Comp Cas 12 (SC); [1992] 2 SCC 343 lays down as an absolute proposition of law that all receipts of subscriptions in the hands of the assessee for the previous years relevant to the assessment years 1985-86 and 1986-87 must necessarily be treated as capital receipts? - Tribunal was wrong in appreciating the impact or effect of the second Peerless case so far as the assessee is concerned who is bound by the same in respect of the first year's subscription/deposits received by it prior to May 15, 1987
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