https://www.taxtmi.com/caselaws?id=18569 The High Court held that the net collections from races conducted for charitable funds and the surplus in the Race Club Accident Fund should not be treated as the income of the Race Club. The Court agreed with the assessee that there was a diversion of income by overriding title before accrual, and that the funds were earmarked for specific charitable purposes, thus not belonging to the Race Club. The appeal by the Department was dismissed, affirming the decision in favor of the assessee on both issues. en-us Tue, 25 Jul 1995 00:00:00 +0530 Thu, 01 Oct 2009 16:32:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18569 The High Court held that the net collections from races conducted for charitable funds and the surplus in the Race Club Accident Fund should not be treated as the income of the Race Club. The Court agreed with the assessee that there was a diversion of income by overriding title before accrual, and that the funds were earmarked for specific charitable purposes, thus not belonging to the Race Club. The appeal by the Department was dismissed, affirming the decision in favor of the assessee on both issues. Case-Laws Income Tax Tue, 25 Jul 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18569