https://www.taxtmi.com/caselaws?id=210529 A repeal that preserves pending and future proceedings can allow assessment to continue where liabilities and administration are transferred to the State and the proceedings remain effectively represented, so the absence of a formal substitution does not by itself defeat the assessment. A compulsory statutory contribution collected for a confined public purpose, and earmarked for limited statutory expenditure rather than general or commercial use, is not income or a taxable revenue receipt under the Income-tax Act, 1961. The Board's fund was therefore treated as outside the definition of income under section 2(24). en-us Fri, 23 Sep 2011 00:00:00 +0530 Wed, 01 Feb 2012 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210529 A repeal that preserves pending and future proceedings can allow assessment to continue where liabilities and administration are transferred to the State and the proceedings remain effectively represented, so the absence of a formal substitution does not by itself defeat the assessment. A compulsory statutory contribution collected for a confined public purpose, and earmarked for limited statutory expenditure rather than general or commercial use, is not income or a taxable revenue receipt under the Income-tax Act, 1961. The Board's fund was therefore treated as outside the definition of income under section 2(24). Case-Laws Income Tax Fri, 23 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210529