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As per Rule 2 (c)(xii) Companies (Acceptance of Deposit )Rules,2014, whereby an advance received for suppy of goods and provision of services is not materialised into actual transaction/contract due to non performance of any stipulated condition , would that advance be trated as deposit then.?

Section 76- Acceptance of deposits from public by certain companies.

Posted By: Kanika gupta 9 year(s) ago

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Expert    Ankit Singhi

It shall not be treated as deposit

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    Akansha

There are two scenarios:- If company received any advance for supply of goods and services under rule 2 (xii) (a), if amount become refundable due to certain reason which is provided in first proviso, if it would not have been paid within 15 days from the date amount become due for refund, then it shall be treated as deposit. If company received any amount as security deposits for the performance of the contract, then it shall not be treated as profited. Thus, in the cited case if company received any amount as security deposit, then it shall not be treated as deposit.

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