https://www.taxtmi.com/caselaws?id=11350 Share application money received on a public issue had to be kept in a separate bank account until allotment was completed or the amounts became refundable. The company could not treat the principal or the interest earned on its deposit as its own funds while the statutory process remained incomplete and refundable sums were unpaid. The interest was regarded as attached to the trust fund for the applicants, and only the balance remaining after allotment and repayment obligations could belong to the company. On that basis, the interest did not accrue as the company's income for the assessment year 1992-93 and was not taxable in that year. en-us Tue, 16 Dec 2003 00:00:00 +0530 Sat, 07 Apr 2012 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11350 Share application money received on a public issue had to be kept in a separate bank account until allotment was completed or the amounts became refundable. The company could not treat the principal or the interest earned on its deposit as its own funds while the statutory process remained incomplete and refundable sums were unpaid. The interest was regarded as attached to the trust fund for the applicants, and only the balance remaining after allotment and repayment obligations could belong to the company. On that basis, the interest did not accrue as the company's income for the assessment year 1992-93 and was not taxable in that year. Case-Laws Income Tax Tue, 16 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11350