https://www.taxtmi.com/caselaws?id=251238 Receipts collected towards an Area Development Fund from sugarcane bills were treated as amounts impressed with a specific obligation, because government directions regulated their collection and use for approved socio-economic activities in the area of operation. The fund was recorded under a separate head, members were informed of its purpose, and annual approval was obtained. The receipts were therefore not regarded as the assessee's free income or as trading receipts merely because they were not placed in a separate bank account or because expenditure timing and mode were left to the assessee within the approved framework. The amounts were held not assessable as income. en-us Fri, 28 Feb 2014 00:00:00 +0530 Mon, 08 Sep 2014 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251238 Receipts collected towards an Area Development Fund from sugarcane bills were treated as amounts impressed with a specific obligation, because government directions regulated their collection and use for approved socio-economic activities in the area of operation. The fund was recorded under a separate head, members were informed of its purpose, and annual approval was obtained. The receipts were therefore not regarded as the assessee's free income or as trading receipts merely because they were not placed in a separate bank account or because expenditure timing and mode were left to the assessee within the approved framework. The amounts were held not assessable as income. Case-Laws Income Tax Fri, 28 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251238