surplus funds

A treasury can be : the part of a government which manages all money and revenue.the funds of a government or institution or individual.the government department responsible for collecting and managing and spending public revenues . depository (a room or building) where wealth and precious objects can be kept.he center of financial operations within a company. Full Article

Madras Gymkhana Club v. DCIT (Madras High Court) -The assessee, club providing facilities like gym, library, etc, to its members earned interest from fixed deposits which it had made by investment of its surplus funds with its corporate members. The High Court held that interest earned from investment of surplus funds in the form of fixed deposits with institutional members does not satisfy the principle of mutuality and hence cannot be claimed as exempt on this ground... Full Article