The Peerless General Finance And Investment Company Ltd. vs Commissioner Of Income Tax
Whether receipts of subscriptions in the hands of the assessee-Company for the assessment years 1985-86 and 1986-87 should be treated as income and not capital receipts --- Held No; Whether the assessee is estopped from claiming capital receipt treatment because it treated subscriptions as income in its accounts --- Held No; Whether the Supreme Court's judgment in Peerless General Finance (1992) applies retrospectively to these assessment years --- Held Yes
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