https://www.taxtmi.com/caselaws?id=62039 Receipts collected as chitty subscriptions were not deposits for purposes of the Interest Tax Act because the Act did not define "deposit" and the meaning in section 45-I(bb) of the RBI Act was applied. That definition excludes amounts received by subscription in respect of a chit, so chitty collections could not be treated as deposits under the interest tax regime. On that construction, the assessee was not a credit institution liable to interest tax, and the liability finding was set aside in its favour. en-us Wed, 25 Feb 2004 00:00:00 +0530 Mon, 17 Jan 2011 18:01:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62039 Receipts collected as chitty subscriptions were not deposits for purposes of the Interest Tax Act because the Act did not define "deposit" and the meaning in section 45-I(bb) of the RBI Act was applied. That definition excludes amounts received by subscription in respect of a chit, so chitty collections could not be treated as deposits under the interest tax regime. On that construction, the assessee was not a credit institution liable to interest tax, and the liability finding was set aside in its favour. Case-Laws Income Tax Wed, 25 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62039