subscription. On default taking place, the foreman is
entitled to recover the consolidated amount of future subscriptions from the
defaulting subscriber in a lump ... provisions to safeguard the interest of the other
subscribers, and the foreman. If a prized subscriber defaults in payment of
his subscriptions, the foreman will
subscription. On default taking place, the foreman is
entitled to recover the consolidated amount of future subscriptions from the
defaulting subscriber in a lump ... provisions to safeguard the interest of the other
subscribers, and the foreman. If a prized subscriber defaults in payment of
his subscriptions, the foreman will
subscription. On default taking place, the foreman is
entitled to recover the consolidated amount of future subscriptions from the
defaulting subscriber in a lump ... provisions to safeguard the interest of the other
subscribers, and the foreman. If a prized subscriber defaults in payment of
his subscriptions, the foreman will
subscription. On default taking place, the foreman is
entitled to recover the consolidated amount of future subscriptions from the
defaulting subscriber in a lump ... provisions to safeguard the interest of the other
subscribers, and the foreman. If a prized subscriber defaults in payment of
his subscriptions, the foreman will
subscription. On default taking place, the foreman is
entitled to recover the consolidated amount of future subscriptions from the
defaulting subscriber in a lump ... provisions to safeguard the interest of the other
subscribers, and the foreman. If a prized subscriber defaults in payment of
his subscriptions, the foreman will
Fund Act reads as follows.
20.
Removal of defaulting subscribers:-- A non prized subscriber who
defaults in paying his subscription in accordance with the terms ... subscriber in
place of defaulting subscriber or may himself subscribe for the ticket and the
defaulted ticket of the chit will be dealt with subject
Chit Fund Act defines
"defaulting subscriber". According to this section, a subscriber
who has defaulted in the payment of subscription due in
accordance ... empowers the foreman to remove the defaulting
subscriber from the list of subscribers. If the defaulting
subscriber pays the defaulted installment with interest within
seven
otherwise. "Defaulting subscriber" is defined in Section 2(f) of the CFA as, "means a subscriber who has defaulted in the payment ... surrounded by problems of subscribers defaulting in the payment of subscription, following it up with the defaulting subscriber to pay the instalments with interest
assessee as a foreman in the
place of a defaulting subscriber is deductible as bad debt under
S.37(1) or as a business loss ... assessee- company
entering into the shoes of defaulting subscribers or in some
cases to fill up vacant chits as a matter of necessity or
expediency
assessee- company entering into the shoes of
defaulting subscribers or in some cases to fill up
vacant chits as a matter of necessity or
expediency ... assessee
as a foreman in the place of a defaulted subscriber as
bad debt u/s. 36(1)(vii) or as a business loss
