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of <h1>Bank guarantee amount not taxable until Supreme Court affirmation. Precedent set in CIT v. Hindustan Housing.</h1> The High Court of Madras held that the amount received against a bank guarantee pending appeal is not taxable income until affirmed by the Supreme Court, ... Wealth Tax, Net Wealth, Compulsory Acquisition Of Land The High Court of Madras ruled that the amount received against a bank guarantee pending appeal cannot be considered as taxable income until affirmed by the Supreme Court. The decision was based on the principle established in the case of CIT v. Hindustan Housing and Land Development Trust Ltd. The court rejected the Revenue's argument citing the case of CWT v. U. C. Mehatab. The judgment favored the assessee over the Revenue.
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