1997 (4) TMI 53

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..... e, in respect of the assessment year 1978-79, the questions referred for the opinion of this court are as follows : "1. Whether, on the facts and in the circumstances of the case, the sums of moneys received from persons for allotment of shares but which continued to remain with the company without shares being allotted, would amount to deposit as envisaged by section 40A(8) of the Income-tax Ac .....

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..... . 1 is, therefore, answered in the affirmative, in favour of the Revenue, and against the assessee. In view of the decision of the Supreme Court in Lohia Machines Ltd. v. Union of India [1985] 152 ITR 308, reversing the view of the Calcutta High Court in the cases of Century Enka Ltd. v. ITO [1977] 107 ITR 123 and Century Enka Ltd. v. ITO [1977] 107 ITR 909, question No. 2 is answered in the neg .....

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