Receipts of subscriptions pursuant to collective investment schemes is capital receipt

The Peerless General Finance And Investment Company Ltd. Vs CIT (Supreme Court of India) Receipts of subscriptions pursuant to collective investment schemes is to be treated as capital receipts even if it is shown as income in books of accounts Conclusion: Receipts of subscriptions in the hands of the assessee-company should be treated as capital receipts as subscriptions were received in the years in question from the public at large under a collective investment scheme and deposits by way of amounts pursuant to these investment schemes made by subscribers which had never been forfeited could...