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Section 58a deposits

This query is : Resolved 
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(Querist)
10 August 2011 some companies are collecting amounts by way of instalments for a plot/land (advance) booking, after completion of the term if customer is not willing to take plot/land company will re pay customers amounts with intrest.
shall it comes under section 58a
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CMA Ashutosh Kumar Gupta

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CMA Ashutosh Kumar Gupta (Expert)
11 August 2011 ..in my opinion NO since Section 58A deals with the normal nature of business funding by way of inviting Deposits either from the public or from its members.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
11 August 2011 Section 58A is regarding accepting deposits and not against the sale of plots or assets. Hence, it is not covered u/s 58A
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