https://www.taxtmi.com/caselaws?id=198108 A scheme falls within the inclusive definition of "prize chit" under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 when participants are induced to part with money, or part of it, for a chance of prizes with refund of the balance to non-winners. The Court treated the scheme's commercial form as irrelevant because routing part of the amount through a bank deposit did not change its real character. On that reasoning, the arrangement was held to attract the statutory ban, and the Registrar's action was valid. en-us Thu, 17 Dec 1987 00:00:00 +0530 Tue, 23 Jan 2018 12:17:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198108 A scheme falls within the inclusive definition of "prize chit" under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 when participants are induced to part with money, or part of it, for a chance of prizes with refund of the balance to non-winners. The Court treated the scheme's commercial form as irrelevant because routing part of the amount through a bank deposit did not change its real character. On that reasoning, the arrangement was held to attract the statutory ban, and the Registrar's action was valid. Case-Laws Companies Law Thu, 17 Dec 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198108