Whether advance taken from customers by real estate company on which no interest has been paid will be treated as advance or deposit as per the Companies Act 2013?

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Privy Counci

As per the Rule 2(xii) of the Companies (Acceptance of Deposits) Rules, 2014, any amount received in the course of, or for the purposes of the business of the company – as advance, accounted for in any manner whatsoever, received in connection with consideration for property under an agreement or arrangement is exempted from the… Read more »