https://www.taxtmi.com/caselaws?id=20296 The court ruled in favor of the assessee, determining that the sum received from the Poona Municipal Corporation and the interest earned were not taxable as trading receipts. The court held that the amount received was not assessable as a trading receipt but was received as an agent or trustee. Additionally, the interest earned on the refunded amount was considered an accretion to the capital amount and not taxable in the hands of the assessee. The court upheld the tribunal's decision, concluding that both the capital amount and the interest were retained on behalf of the principals and were not subject to taxation. en-us Fri, 06 Nov 1992 00:00:00 +0530 Fri, 13 Nov 2009 11:02:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20296 The court ruled in favor of the assessee, determining that the sum received from the Poona Municipal Corporation and the interest earned were not taxable as trading receipts. The court held that the amount received was not assessable as a trading receipt but was received as an agent or trustee. Additionally, the interest earned on the refunded amount was considered an accretion to the capital amount and not taxable in the hands of the assessee. The court upheld the tribunal's decision, concluding that both the capital amount and the interest were retained on behalf of the principals and were not subject to taxation. Case-Laws Income Tax Fri, 06 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20296