https://www.taxtmi.com/caselaws?id=416804 Amounts received as advance for sale of immovable property under a written agreement were treated as outside the definition of "deposit" under the Companies (Acceptance of Deposits) Rules, 2014, because they were received in the course of business and were to be adjusted against the property in accordance with the arrangement. The proviso would apply only if the amount became refundable due to lack of required permission or approval to deal in the property, which was not shown on the facts. As the company had obtained conversion and development permissions and entered into sale arrangements, prosecution under Section 73 read with Section 76-A of the Companies Act, 2013 was held unsustainable. en-us Thu, 09 Dec 2021 00:00:00 +0530 Sat, 08 Jan 2022 09:48:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416804 Amounts received as advance for sale of immovable property under a written agreement were treated as outside the definition of "deposit" under the Companies (Acceptance of Deposits) Rules, 2014, because they were received in the course of business and were to be adjusted against the property in accordance with the arrangement. The proviso would apply only if the amount became refundable due to lack of required permission or approval to deal in the property, which was not shown on the facts. As the company had obtained conversion and development permissions and entered into sale arrangements, prosecution under Section 73 read with Section 76-A of the Companies Act, 2013 was held unsustainable. Case-Laws Companies Law Thu, 09 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416804