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Court Rules Public Deposits in Financial Schemes Are Non-Taxable as Revenue Receipts, Assessee Acts as Custodian.

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....Capital receipt or revenue receipt – financial schemes in which deposits were collected from the Public - The assessee is merely a custodian of the deposit - not taxable as revenue receipt - HC....

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Court Rules Public Deposits in Financial Schemes Are Non-Taxable as Revenue Receipts, Assessee Acts as Custodian.