https://www.taxtmi.com/caselaws?id=203576 The Court held that money collected for an unimplemented Scheme, not deposited as required by the Income Tax Act, should be taxed as income. The Tribunal's decision was overturned, stating the funds were intended for the Scheme and should be taxable. Despite the money being returned with interest, it was deemed taxable income for the employer. The Court ruled in favor of the Appellant, upholding the taxability of the collected funds under Section 2(24)(x) of the Income Tax Act, reversing the Tribunal's decision. en-us Mon, 18 Apr 2011 00:00:00 +0530 Fri, 23 Sep 2011 08:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203576 The Court held that money collected for an unimplemented Scheme, not deposited as required by the Income Tax Act, should be taxed as income. The Tribunal's decision was overturned, stating the funds were intended for the Scheme and should be taxable. Despite the money being returned with interest, it was deemed taxable income for the employer. The Court ruled in favor of the Appellant, upholding the taxability of the collected funds under Section 2(24)(x) of the Income Tax Act, reversing the Tribunal's decision. Case-Laws Income Tax Mon, 18 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203576