https://www.taxtmi.com/caselaws?id=190561 Amounts collected from customers or brokers and earmarked for charity under a binding obligation to apply them solely for charitable purposes do not constitute trading receipts or taxable income. Interest credited in the assessee's books in India does not meet the condition for disallowance under section 40(a)(i), which applies only to interest payable outside India. Accordingly, charitable collections were excluded from taxable income and the interest payment was not disallowable. 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 for charity under a binding obligation to apply them solely for charitable purposes do not constitute trading receipts or taxable income. Interest credited in the assessee's books in India does not meet the condition for disallowance under section 40(a)(i), which applies only to interest payable outside India. Accordingly, charitable collections were excluded from taxable income and the interest payment was not disallowable. Case-Laws Income Tax Thu, 01 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190561