Taxability of securities and debenture income on due basis upheld after earlier binding ruling.

Income from securities and debentures was held to be taxable on the due basis rather than on a day-to-day basis, as the issue had already been decided in the assessee's favour for an earlier assessment year. The Court treated that earlier ruling as binding for the present appeal, and noted that the Revenue's challenge on the same point had also been dismissed by the Supreme Court in the connected matter. On that basis, the appeal was dismissed because the tax treatment issue stood concluded against the Revenue.

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Issues: Whether the income arising from securities and debentures was liable to be taxed on due basis and not on day-to-day basis.

Analysis: The issue raised in the appeal was already covered by the Court's decision in the assessee's own case for an earlier assessment year, and the Revenue's challenge on that issue had also been dismissed by the Supreme Court in the connected matter.

Conclusion: The appeal was dismissed, as the issue stood concluded in favour of the assessee by the earlier decision.

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