https://www.taxtmi.com/caselaws?id=12815 The court held that funds and deposits collected by the assessee out of sugarcane prices payable to cane growers were not assessable as income, as they were diverted to the State Government. Deposits for specific funds were also deemed not taxable as income due to diversion by overriding title, acting as an agent for the government. Non-refundable deposits and interest were considered trading receipts. The appeals were partly allowed for non-refundable deposits and interest but dismissed for other deductions. en-us Mon, 07 Jan 2002 00:00:00 +0530 Fri, 22 May 2009 11:36:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12815 The court held that funds and deposits collected by the assessee out of sugarcane prices payable to cane growers were not assessable as income, as they were diverted to the State Government. Deposits for specific funds were also deemed not taxable as income due to diversion by overriding title, acting as an agent for the government. Non-refundable deposits and interest were considered trading receipts. The appeals were partly allowed for non-refundable deposits and interest but dismissed for other deductions. Case-Laws Income Tax Mon, 07 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12815