Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 1972 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1972 (8) TMI 37 - HC - Income TaxWhether interest on compensation amount paid for a number of years in one lumpsum accrues in each year and whether is assessable in that year - assessing officer was of the view that the interest of Rs. 16,460 was in fact liable to be assessed during the year. The assessee disputed the liability of taxation in respect of the total amount of interest during the year on the basis that the said amount did not accrue due during the year and as such there should be no assessment in respect of the entire amount - " Whether, on the facts and circumstances of the case, the income-tax authorities were justified in including the sum of Rs. 16,460 on receipt basis?" - Our answer to the question referred to us, therefore, shall be that in the facts and circumstances of the case, the income-tax authorities were not justified in including the sum of Rs. 16,460 on receipt basis for the assessment year 1961-62
|