Expression 'Fund' - Definition / Legal Terminology - Income Tax

As per section 102(5) of the Income tax Act 1961. For the purpose of Chapter X-A(General anti-avoidance rule) ,unless the context otherwise requires,- Fund includes- (a) any cash; (b) cash equivalents; and (c) any right, or obligation, to receive or pay, the cash or cash equivalent; Expression fund Black s Law Dictionary , 5th edition: Fund ........ An asset or group of assets set aside for a specific purpose ...... A generic term and all-embracing as compared with term money , etc., which is specific. A sum of money or other liquid assets set apart for a specific purpose or available for the payment of debts or claims. In the plural, this word has a variety of slightly different meanings, as follows: moneys and much more, such as notes, bills, cheques, drafts, stocks and bonds, and in broader meaning may include property of every kind ... Money in hand, assets, cash, money available for the payment of debt, legacy, etc. Corporate stocks or government securities ; in this sense usually spoken of as the funds . Assets, securities, bonds or revenue of a State or Government appropriated for the discharge of its debts. Generally, working capital ; sometimes used to refer to cash or to cash and marketable securities. (p. 606) Chambers Twentieth Century Dictionary , New edn., 1972 (p. 526): Fund n. a sum of money on which some enterprise is founded or expense supported: a supply or source of money The Concise Oxford Dictionary , 5th edn., 1964 (p. 494): Fund n. 1. Permanent stock of something ready to be drawn upon-stock of money-pecuniary resources. Webster s Seventh New Collegiate Dictionary -based on Webster s Third New Inter-national Dictionary (p. 538): Fund . 1. an available quantity or material or intangible resources supply; 2. a sum of money or other resources the principal or interest of which is set apart for a specific objective. In Jowitt s Dictionary of English Law , 2nd edn., Vol. 1, was quoted as follows (p. 840): Fund, a sum of money available for the payment or discharge of liabilities. Thus, the assets of a testator form a fund for the payment of his debts. CIT VERSUS BIRLA CHARITY TRUST - 1987 (8) TMI 60 - CALCUTTA HIGH COURT