https://www.taxtmi.com/caselaws?id=20950 Interest earned on a compulsory deposit maintained under a statutory acquisition framework was assessable only after deducting the custodian's remuneration and administrative expenses under section 57(iii). The expenditure was treated as necessary, genuine, and directly connected with the earning and application of that interest because the custodian held the deposit in trust for the company and managed it under mandated statutory duties. On that basis, the net interest receipt alone was taxable, and the deductions were allowed in favour of the assessee. en-us Mon, 04 Dec 1989 00:00:00 +0530 Wed, 18 Nov 2009 12:26:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20950 Interest earned on a compulsory deposit maintained under a statutory acquisition framework was assessable only after deducting the custodian's remuneration and administrative expenses under section 57(iii). The expenditure was treated as necessary, genuine, and directly connected with the earning and application of that interest because the custodian held the deposit in trust for the company and managed it under mandated statutory duties. On that basis, the net interest receipt alone was taxable, and the deductions were allowed in favour of the assessee. Case-Laws Income Tax Mon, 04 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20950