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Commnr. of Income Tax Versus M/s. Henkel Spic India Ltd.

Taxability of interest income - interest accrued on the allotment of the shares - selection of assessment year - Held that:- As the amount of interest earned on the application money to the extent to which it is not required for being paid to the applicants to whom moneys have become refundable by reason of delay in making the refund will belong to the company, only when the trust terminates and it is only at that point of time, it can be stated that amount has accrued to the company as its inco .....

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A.k. Sikri and Mr. Rohinton Fali Nariman, JJ. For the Petitioner : Mr. Jaideep Gupta, Sr. Adv., Mr. T. M. Singh, Adv., Ms. Sadhana Sandhu, Adv., Ms. Anil Katiyar, Adv., Mr. B. V. Balaram Das, Adv. For the Respondent : Mr. Pratap Venugopal, Adv., Ms. Surekha Raman, Adv., Mr. Gaurav Nair, Adv., Ms. Niharika, Adv., M/s. K. J. John & Co. ORDER The respondent-assessee opened a public issue of shares on 29.01.1992. The date of closure of this issue was 03.02.1992. Proceeds which were received from .....

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t income in the Assessment Year 1992-1993 as the money was received between 29.01.1992 and 03.02.1992 and the interest earned thereupon in the said Financial Year. On the other hand, the assessee maintained that since the shares were allotted only in June, 1992, i.e., during the Financial Year 1993-1994, and as per Section 73 of the Companies Act, the assessee was required to keep the money in Bank account, interest has accrued to the assessee only on the allotment of the shares as before that t .....

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, under section 73, required to keep the money in a bank account which yields interest. There is, however, no prohibition in sub-section (3) or (3A) of section 73 against the money being kept in a bank account which yields interest. The interest so earned, however, cannot be regarded as an amount which is fully available to the company for its own use from the time the interest accrued, as that interest is an amount which accrues on a fund which itself is held in trust until the allotment is com .....

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