If a Pvt Company is taking security deposit from an agent or Consignemnt agent whether it will be regarded as Deposit U/s 58A..Please Clarify.
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Deposit
Replies (2)
No It will not be regarded as deposit u/s 58A, becasue only deposits taken from public will attract the provisions of section 58A. As the security deposit is being taken from an Security Agent it will not come under the purview of section 58A.
No it will not be treated as Deposit under Section 58A.
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