https://www.taxtmi.com/caselaws?id=8077 The court held that the sum of Rs. 36,318, which the assessee treated as its income, was not taxable under the Indian Income-tax Act, 1922. The court determined that the amount was to be held in trust for quota holders and did not constitute the assessee's income. Therefore, the question was answered in the negative, and the assessee was awarded costs of Rs. 200. en-us Wed, 20 May 1970 00:00:00 +0530 Sat, 28 Mar 2009 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8077 The court held that the sum of Rs. 36,318, which the assessee treated as its income, was not taxable under the Indian Income-tax Act, 1922. The court determined that the amount was to be held in trust for quota holders and did not constitute the assessee's income. Therefore, the question was answered in the negative, and the assessee was awarded costs of Rs. 200. Case-Laws Income Tax Wed, 20 May 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8077