https://www.taxtmi.com/caselaws?id=284405 Corpus fund collected from flat purchasers for housing projects was treated as a separate amount to be held for transfer to the society to be formed, not as the developer's trading receipt. The developer acted only as a trustee until the society came into existence, and the statutory obligation under section 13 of the Maharashtra Ownership of Flats Act, 1963 supported exclusion of the fund from taxable income. Following the earlier Tribunal view on the same issue, the addition was deleted and the corpus fund was held not to be the assessee's income. en-us Mon, 01 Feb 2010 00:00:00 +0530 Sat, 16 Nov 2019 13:21:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284405 Corpus fund collected from flat purchasers for housing projects was treated as a separate amount to be held for transfer to the society to be formed, not as the developer's trading receipt. The developer acted only as a trustee until the society came into existence, and the statutory obligation under section 13 of the Maharashtra Ownership of Flats Act, 1963 supported exclusion of the fund from taxable income. Following the earlier Tribunal view on the same issue, the addition was deleted and the corpus fund was held not to be the assessee's income. Case-Laws Income Tax Mon, 01 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284405