1997 (4) TMI 53

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Full Text of the Document

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.... for the opinion of this court are as follows : "1. Whether, on the facts and in the circumstances of the case, the sums of moneys received from persons for allotment of shares but which continued to remain with the company without shares being allotted, would amount to deposit as envisaged by section 40A(8) of the Income-tax Act, 1961, and, therefore, 15 per cent. of interest payable on such s....