https://www.taxtmi.com/caselaws?id=270780 Collections towards an Area Development Fund were subject to a binding obligation as to their use under the co-operative framework, with the fund maintained separately and its deployment restricted to approved purposes under supervisory control. As the contributors knew the purpose of the deduction when made, the amounts were held in a fiduciary capacity rather than as unrestricted income. On that basis, the collections were not trading receipts and were not includible in taxable income, so the addition was deleted. en-us Mon, 26 Oct 2015 00:00:00 +0530 Fri, 15 Jan 2016 11:29:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270780 Collections towards an Area Development Fund were subject to a binding obligation as to their use under the co-operative framework, with the fund maintained separately and its deployment restricted to approved purposes under supervisory control. As the contributors knew the purpose of the deduction when made, the amounts were held in a fiduciary capacity rather than as unrestricted income. On that basis, the collections were not trading receipts and were not includible in taxable income, so the addition was deleted. Case-Laws Income Tax Mon, 26 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270780