https://www.taxtmi.com/caselaws?id=190561 Amounts collected from customers or brokers and earmarked under a binding obligation for charity do not assume the character of trading receipts and are not includible as income of the assessee. The article also states that disallowance under section 40(a)(i) of the Income-tax Act, 1961 applies only to interest payable outside India; where the interest was credited in the assessee's books in India, the statutory condition for disallowance was not satisfied. Both propositions were stated in favour of the assessee and against the Revenue. en-us Thu, 01 May 1997 00:00:00 +0530 Sat, 18 Feb 2017 16:53:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190561 Amounts collected from customers or brokers and earmarked under a binding obligation for charity do not assume the character of trading receipts and are not includible as income of the assessee. The article also states that disallowance under section 40(a)(i) of the Income-tax Act, 1961 applies only to interest payable outside India; where the interest was credited in the assessee's books in India, the statutory condition for disallowance was not satisfied. Both propositions were stated in favour of the assessee and against the Revenue. Case-Laws Income Tax Thu, 01 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190561