https://www.taxtmi.com/caselaws?id=383184 Subscription receipts collected under collective investment schemes were treated as capital receipts because they were raised from the public with an obligation to repay, with interest, at the end of the scheme. Since no forfeiture had occurred in the relevant years, the amounts retained had not been converted into income by any forfeiture event. The assessee's accounting treatment could not change the true legal character of the receipts, and there was no estoppel against the correct legal position. The subscription receipts were therefore capital in nature and not taxable income, and treatment in the books could not justify classification as revenue receipts. en-us Tue, 09 Jul 2019 00:00:00 +0530 Wed, 21 Aug 2019 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383184 Subscription receipts collected under collective investment schemes were treated as capital receipts because they were raised from the public with an obligation to repay, with interest, at the end of the scheme. Since no forfeiture had occurred in the relevant years, the amounts retained had not been converted into income by any forfeiture event. The assessee's accounting treatment could not change the true legal character of the receipts, and there was no estoppel against the correct legal position. The subscription receipts were therefore capital in nature and not taxable income, and treatment in the books could not justify classification as revenue receipts. Case-Laws Income Tax Tue, 09 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383184