TMI BlogCollective Investment Scheme Subscriptions Reclassified from Income to Capital Receipts in Profit and Loss Account.Characterization of income - subscriptions received from the public at large under a collective investment scheme - assessee shown these as income in P/L account - it is clear that on general principles also such subscription cannot possibly be treated as income and it would not be possible to go only by the treatment of such subscriptions in the hands of accounts of the assessee itself - receipts in question were capital receipts and not income. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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