Subscription fee received by NBFC under various investment schemes not taxable; SC rules

INCOME TAX : Assessee-Company has floated various schemes which require subscribers to deposit certain amounts by way of subscriptions in its hands, and, depending upon scheme in question, these subscribed amounts at end of scheme are ultimately repaid with interest. Scheme at hand also contained forfeiture clauses as a result of which if, mid-way, a certain amount was forfeited, then said amount would immediately become income in hands of assessee

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