https://www.taxtmi.com/caselaws?id=400418 Amounts credited to the co-operative education fund were treated as diverted at source by overriding title because the statutory scheme required separate maintenance, restricted expenditure, and left the assessee with no beneficial dominion, so the receipts were not taxable as its income. The claim for exemption under section 10(23C)(iiiab) was rejected because the institution did not satisfy the conditions of being solely for education, not for profit, and wholly or substantially financed by Government. Interest earned on savings bank deposits with co-operative banks was held eligible for deduction under the co-operative society provision, as interest from investment with another co-operative society does not lose deduction merely because it is parked in a bank account. en-us Tue, 03 Nov 2020 00:00:00 +0530 Fri, 06 Nov 2020 09:56:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400418 Amounts credited to the co-operative education fund were treated as diverted at source by overriding title because the statutory scheme required separate maintenance, restricted expenditure, and left the assessee with no beneficial dominion, so the receipts were not taxable as its income. The claim for exemption under section 10(23C)(iiiab) was rejected because the institution did not satisfy the conditions of being solely for education, not for profit, and wholly or substantially financed by Government. Interest earned on savings bank deposits with co-operative banks was held eligible for deduction under the co-operative society provision, as interest from investment with another co-operative society does not lose deduction merely because it is parked in a bank account. Case-Laws Income Tax Tue, 03 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400418