https://www.taxtmi.com/article/detailed?id=12632 The statutory scheme conditions applicability on the character of a receipt as a loan or deposit and on the aggregate threshold, with penalties for noncompliance. Dictionary meanings and precedents establish that a deposit requires a liability to return and a loan is an advance repayable on agreed terms. Share application money is capital participation and not repayable after notice or by lapse of time, and thus does not fall within the provisions regulating cash loans and deposits or the penalties attached to them. en-us Thu, 23 May 2024 20:00:21 +0530 Thu, 23 May 2024 20:00:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12632 The statutory scheme conditions applicability on the character of a receipt as a loan or deposit and on the aggregate threshold, with penalties for noncompliance. Dictionary meanings and precedents establish that a deposit requires a liability to return and a loan is an advance repayable on agreed terms. Share application money is capital participation and not repayable after notice or by lapse of time, and thus does not fall within the provisions regulating cash loans and deposits or the penalties attached to them. Articles Income Tax Thu, 23 May 2024 20:00:21 +0530 https://www.taxtmi.com/article/detailed?id=12632