https://www.taxtmi.com/caselaws?id=284427 Interest earned on a corpus fund collected by a builder for a proposed society was held not taxable in the builder's hands where the fund was kept in a separate account for eventual transfer to the society. Under the Maharashtra Ownership Flats Act, 1963, the promoter was required to maintain separate accounts and transfer such amounts to the society, so the corpus itself was treated as belonging to the society rather than as the builder's income. The accretion by way of interest followed the same character and could not be assessed as income of the assessee. The interest addition was therefore deleted from the assessment. en-us Fri, 12 Apr 2019 00:00:00 +0530 Sat, 28 Dec 2019 13:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284427 Interest earned on a corpus fund collected by a builder for a proposed society was held not taxable in the builder's hands where the fund was kept in a separate account for eventual transfer to the society. Under the Maharashtra Ownership Flats Act, 1963, the promoter was required to maintain separate accounts and transfer such amounts to the society, so the corpus itself was treated as belonging to the society rather than as the builder's income. The accretion by way of interest followed the same character and could not be assessed as income of the assessee. The interest addition was therefore deleted from the assessment. Case-Laws Income Tax Fri, 12 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284427