https://www.taxtmi.com/caselaws?id=171244 A statutory collection earmarked at source for a separate molasses storage fund was held not to form part of the assessee's taxable income. Because the fund was created under a statutory order and the assessee was required to keep the amount in a separate account and use it only for the prescribed purpose, the assessee had no free control or beneficial domain over the money. The amount was therefore diverted by overriding title before it could accrue as income, and the collection credited to the fund was excluded from taxation. en-us Fri, 01 Oct 2004 00:00:00 +0530 Tue, 14 Jul 2015 19:10:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171244 A statutory collection earmarked at source for a separate molasses storage fund was held not to form part of the assessee's taxable income. Because the fund was created under a statutory order and the assessee was required to keep the amount in a separate account and use it only for the prescribed purpose, the assessee had no free control or beneficial domain over the money. The amount was therefore diverted by overriding title before it could accrue as income, and the collection credited to the fund was excluded from taxation. Case-Laws Income Tax Fri, 01 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171244