https://www.taxtmi.com/caselaws?id=63901 The Tribunal allowed the appeal, concluding that the interest earned from fixed deposits held in trust for Bhai Sunder Das's estate should be excluded from the assessee's income. It determined that the liability was a deposit, not a loan, with the debt remaining enforceable despite the limitation period. The Tribunal found evidence of an obligation in the nature of a trust and recognized an overriding diversion of income, ruling in favor of the assessee and overturning the decisions of the ITO and Commissioner (Appeals). en-us Fri, 14 Dec 1984 00:00:00 +0530 Wed, 02 Feb 2011 16:14:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63901 The Tribunal allowed the appeal, concluding that the interest earned from fixed deposits held in trust for Bhai Sunder Das's estate should be excluded from the assessee's income. It determined that the liability was a deposit, not a loan, with the debt remaining enforceable despite the limitation period. The Tribunal found evidence of an obligation in the nature of a trust and recognized an overriding diversion of income, ruling in favor of the assessee and overturning the decisions of the ITO and Commissioner (Appeals). Case-Laws Income Tax Fri, 14 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63901