1997 (4) TMI 53

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s follows : "1. Whether, on the facts and in the circumstances of the case, the sums of moneys received from persons for allotment of shares but which continued to remain with the company without shares being allotted, would amount to deposit as envisaged by section 40A(8) of the Income-tax Act, 1961, and, therefore, 15 per cent. of interest payable on such sums of moneys is disallowable under se .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... w of the decision of the Supreme Court in Lohia Machines Ltd. v. Union of India [1985] 152 ITR 308, reversing the view of the Calcutta High Court in the cases of Century Enka Ltd. v. ITO [1977] 107 ITR 123 and Century Enka Ltd. v. ITO [1977] 107 ITR 909, question No. 2 is answered in the negative, in favour of the Revenue and against the assessee. No costs.    
Case laws, Decisions .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X