https://www.taxtmi.com/forum/issue?id=3703 The deposit-rule penalises acceptance of a "deposit" otherwise than by account-payee cheque or transfer; it applies only if the receipt is a deposit. Where the assessing officer has characterised and assessed a cash receipt to a shareholder as a deemed dividend, that receipt is not a deposit, and the penalty for acceptance of deposits does not apply. en-us Mon, 02 Jan 2012 15:09:52 +0530 Thu, 23 Jan 2025 15:58:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=3703 The deposit-rule penalises acceptance of a "deposit" otherwise than by account-payee cheque or transfer; it applies only if the receipt is a deposit. Where the assessing officer has characterised and assessed a cash receipt to a shareholder as a deemed dividend, that receipt is not a deposit, and the penalty for acceptance of deposits does not apply. Discussion-Forum Income Tax Mon, 02 Jan 2012 15:09:52 +0530 https://www.taxtmi.com/forum/issue?id=3703