https://www.taxtmi.com/caselaws?id=8346 Interest earned on fixed deposits made from clients' moneys held in a solicitor's client account was treated as fiduciary income, not the solicitor's personal income. The client account rules and the Indian Trusts Act showed that the solicitor held the funds without full beneficial ownership and could withdraw them only within limited circumstances. Because the corpus and any accretions remained subject to that fiduciary character, wrongful appropriation of the interest did not change its legal nature. The assessment scheme likewise supported separate treatment of income received in a representative capacity. The interest was therefore not includible in the solicitor's personal assessment. en-us Tue, 03 Aug 1971 00:00:00 +0530 Fri, 10 Apr 2009 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8346 Interest earned on fixed deposits made from clients' moneys held in a solicitor's client account was treated as fiduciary income, not the solicitor's personal income. The client account rules and the Indian Trusts Act showed that the solicitor held the funds without full beneficial ownership and could withdraw them only within limited circumstances. Because the corpus and any accretions remained subject to that fiduciary character, wrongful appropriation of the interest did not change its legal nature. The assessment scheme likewise supported separate treatment of income received in a representative capacity. The interest was therefore not includible in the solicitor's personal assessment. Case-Laws Income Tax Tue, 03 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8346