https://www.taxtmi.com/caselaws?id=17362 An amount set aside by an assessee for a Government share capital redemption fund remained its own income and was not diverted by overriding title, because it never passed to another person and was merely earmarked for a future obligation. The obligation to keep the fund invested and restricted did not change its character from application of income after receipt. As nothing was actually paid out or irretrievably spent, the sum was also not allowable as business expenditure under section 37(1). The amount therefore remained taxable in the assessee's hands and could not be deducted under section 37 or section 28. en-us Mon, 21 Jul 1997 00:00:00 +0530 Mon, 21 Sep 2009 17:46:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17362 An amount set aside by an assessee for a Government share capital redemption fund remained its own income and was not diverted by overriding title, because it never passed to another person and was merely earmarked for a future obligation. The obligation to keep the fund invested and restricted did not change its character from application of income after receipt. As nothing was actually paid out or irretrievably spent, the sum was also not allowable as business expenditure under section 37(1). The amount therefore remained taxable in the assessee's hands and could not be deducted under section 37 or section 28. Case-Laws Income Tax Mon, 21 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17362