1997 (7) TMI 4 - SUPREME COURT

Income by Overriding Title - Whether a particular receipt is of nature of income & falls within the charge of s. 4 is a question of law which has to be decided on the basis of the provisions of the Act & the interpretation of the term income - held that income attracts tax as soon as it accrues. The application/destination of the income has nothing to do with its accrual/taxability - held that interest income is always of a revenue nature unless it is received by way of damages/compensation.