https://www.taxtmi.com/article/detailed?id=104 A written declaration that a deposit by a director, relative of a director, or member is from own funds is prerequisite to exemption from public deposit rules; if the declaration is false or books show the money derived from borrowings (including conduit transactions or overdraft-funded withdrawals), the Assessing Officer may treat the credit as undisclosed income under Section 68, the deposit may lose exempt status and be reclassified as a public deposit, and the parties may face penalties and prosecution under company law. en-us Fri, 13 Jun 2008 00:00:00 +0530 Fri, 06 Mar 2009 13:09:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=104 A written declaration that a deposit by a director, relative of a director, or member is from own funds is prerequisite to exemption from public deposit rules; if the declaration is false or books show the money derived from borrowings (including conduit transactions or overdraft-funded withdrawals), the Assessing Officer may treat the credit as undisclosed income under Section 68, the deposit may lose exempt status and be reclassified as a public deposit, and the parties may face penalties and prosecution under company law. Articles Income Tax Fri, 13 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=104