The Peerless General Finance And Investment Company Ltd. vs Commissioner Of Income Tax

Whether receipts of subscriptions from collective investment schemes should be treated as income or capital receipts when no forfeiture occurred and the assessee had shown them as income in books --- Held: Capital receipts, not taxable as income. Whether the Supreme Court's judgment in Peerless General Finance (1992) laid down an absolute proposition that such receipts are capital --- Held: Yes, it established the general principle that such subscriptions are capital receipts. Whether estoppel applies when the assessee treated receipts as income in accounts --- Held: No, there is no estoppel against settled legal position.