Convenor taking over a vacant Chit, is treated as subscriber for all purposes.

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..... in instalments over a period of time. The usual practice in cases where all the tickets are not fully subscribed at the commencement of the Chit, is for the organiser or the convenor (whether individual, HUF, firm or company) to subscribe for such vacant Chits on their own account so as to make the Chit complete, vis-a-vis a number of subscribers. This ensures that the Chit amount is secured. 2. .....

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..... r the tickets originally taken over by it on account of vacancies to new subscribers or even to existing subscribers. In such a situation the dividend declared in the earlier period may be paid over to such new subscribers who are admitted later. 4. Board desires that in the assessment of persons carrying on a business of Chit Fund the relevant rules under which the Chit Fund are conducted shoul .....

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