https://www.taxtmi.com/caselaws?id=304145 Voluntary contributions and development fee received for a defined infrastructure purpose were treated as tied-up funds and not taxable as income because they were earmarked and applied accordingly. Salary paid to a joint secretary was not hit by the disallowance provision since it did not apply to a society registered under the Societies Registration Act, 1860. No notional interest disallowance was justified where sufficient interest-free funds existed and borrowed funds were not shown to have financed the advances. By contrast, disallowance for payments made without TDS and capitalisation of interest on borrowings used for capital work in progress were sustained under the settled tax treatment. en-us Wed, 14 Mar 2018 00:00:00 +0530 Sat, 10 Sep 2022 07:01:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304145 Voluntary contributions and development fee received for a defined infrastructure purpose were treated as tied-up funds and not taxable as income because they were earmarked and applied accordingly. Salary paid to a joint secretary was not hit by the disallowance provision since it did not apply to a society registered under the Societies Registration Act, 1860. No notional interest disallowance was justified where sufficient interest-free funds existed and borrowed funds were not shown to have financed the advances. By contrast, disallowance for payments made without TDS and capitalisation of interest on borrowings used for capital work in progress were sustained under the settled tax treatment. Case-Laws Income Tax Wed, 14 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304145