https://www.taxtmi.com/caselaws?id=285177 A deposit paid to a company and earmarked for a specified contractual purpose is held in the nature of a trust for the depositor and the company and is excluded from the company's divisible assets to the extent required for that purpose; on accounting the company may deduct sums found due under the agreement and the depositor may claim any remaining balance. The agreement does not create an agency or fiduciary relationship between the parties; its terms establish a bilateral commercial contract and a contractual obligation to hold the deposit as security rather than an agency-imposed trust. en-us Fri, 27 Jan 1956 00:00:00 +0530 Wed, 01 Jan 2020 14:12:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285177 A deposit paid to a company and earmarked for a specified contractual purpose is held in the nature of a trust for the depositor and the company and is excluded from the company's divisible assets to the extent required for that purpose; on accounting the company may deduct sums found due under the agreement and the depositor may claim any remaining balance. The agreement does not create an agency or fiduciary relationship between the parties; its terms establish a bilateral commercial contract and a contractual obligation to hold the deposit as security rather than an agency-imposed trust. Case-Laws Indian Laws Fri, 27 Jan 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285177