https://www.taxtmi.com/caselaws?id=14961 Amounts deducted from cane price as members' refundable and non-refundable deposits were held to be trading receipts because the bye-laws treated them as part of the trading arrangement, there was no fixed maturity or immediate enforceable repayment right, and interest payment did not alter their character; the Revenue succeeded on this issue. By contrast, deductions made for area development, cane development, hutment, relief, memorial, education and small savings funds were made under Government directions for specified public purposes and were diverted at source under an overriding title, so they never formed part of the assessee's income; the assessee succeeded on this issue. en-us Thu, 04 May 2000 00:00:00 +0530 Mon, 27 Jul 2009 13:06:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14961 Amounts deducted from cane price as members' refundable and non-refundable deposits were held to be trading receipts because the bye-laws treated them as part of the trading arrangement, there was no fixed maturity or immediate enforceable repayment right, and interest payment did not alter their character; the Revenue succeeded on this issue. By contrast, deductions made for area development, cane development, hutment, relief, memorial, education and small savings funds were made under Government directions for specified public purposes and were diverted at source under an overriding title, so they never formed part of the assessee's income; the assessee succeeded on this issue. Case-Laws Income Tax Thu, 04 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14961