https://www.taxtmi.com/caselaws?id=18038 The High Court held that amounts received by a private limited company from directors and shareholders were running current accounts, not deposits under section 40A(8) of the Income-tax Act, 1961. The Tribunal's decision was upheld, emphasizing factual appreciation and legal interpretation. The court ruled in favor of the assessee, stating the amounts did not constitute deposits. The Department's challenge was dismissed, and the judgment highlighted the legal basis for the decision, concluding the matter without costs. en-us Tue, 19 Mar 1996 00:00:00 +0530 Sat, 26 Sep 2009 13:18:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18038 The High Court held that amounts received by a private limited company from directors and shareholders were running current accounts, not deposits under section 40A(8) of the Income-tax Act, 1961. The Tribunal's decision was upheld, emphasizing factual appreciation and legal interpretation. The court ruled in favor of the assessee, stating the amounts did not constitute deposits. The Department's challenge was dismissed, and the judgment highlighted the legal basis for the decision, concluding the matter without costs. Case-Laws Income Tax Tue, 19 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18038