https://www.taxtmi.com/caselaws?id=28195 The High Court held that charity collections from a chit fund business were not taxable trading receipts but were separately accounted for and used for charitable purposes. The court emphasized the voluntary nature of contributions and the establishment of a trust for charitable objects. Precedents supported the view that earmarked charity collections, shown separately in accounts, are not taxable trading receipts. The court applied tests emphasizing separate accounting, non-voluntary contributions, and discretion in charitable spending to rule in favor of the assessee, rejecting the Tribunal's decision and awarding costs against the Revenue. en-us Thu, 07 Apr 1983 00:00:00 +0530 Fri, 19 Feb 2010 15:45:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28195 The High Court held that charity collections from a chit fund business were not taxable trading receipts but were separately accounted for and used for charitable purposes. The court emphasized the voluntary nature of contributions and the establishment of a trust for charitable objects. Precedents supported the view that earmarked charity collections, shown separately in accounts, are not taxable trading receipts. The court applied tests emphasizing separate accounting, non-voluntary contributions, and discretion in charitable spending to rule in favor of the assessee, rejecting the Tribunal's decision and awarding costs against the Revenue. Case-Laws Income Tax Thu, 07 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28195