https://www.taxtmi.com/caselaws?id=335102 Revenue-sharing within an association of persons is addressed through commercial computation of project income: project costs are first deducted, and subsequent allocation among members is treated as profit sharing rather than diversion of income at source. Interest on fixed deposits funded from corpus collected for a proposed society is considered separately where the developer holds the corpus in a fiduciary capacity, maintains it for designated purposes, and must transfer it to the society. Under the real income principle, such interest does not constitute the developer's taxable income unless appropriated for its own benefit; verification is required to establish whether the corpus and accrued interest were actually transferred. en-us Wed, 21 Sep 2016 00:00:00 +0530 Fri, 25 Nov 2016 18:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335102 Revenue-sharing within an association of persons is addressed through commercial computation of project income: project costs are first deducted, and subsequent allocation among members is treated as profit sharing rather than diversion of income at source. Interest on fixed deposits funded from corpus collected for a proposed society is considered separately where the developer holds the corpus in a fiduciary capacity, maintains it for designated purposes, and must transfer it to the society. Under the real income principle, such interest does not constitute the developer's taxable income unless appropriated for its own benefit; verification is required to establish whether the corpus and accrued interest were actually transferred. Case-Laws Income Tax Wed, 21 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335102