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of <h1>Arbitrator's Interest Award Taxed as Business Receipt</h1> The Supreme Court allowed the Revenue's appeal, determining that interest awarded by an arbitrator is considered income to be assessed as a business ... Assessee entered into a contract with the Government for executing certain works. A dispute arose between the assessee and the Government which was referred to arbitration. The arbitrator awarded certain amount by way of compensation for the work done and also awarded interest. The question arose in the assessment proceedings, whether the interest awarded is income and is liable to be included in his assessment - hold that interest is income and it has to be assessed as a business receipt The Supreme Court allowed the appeal by the Revenue, holding that interest awarded by an arbitrator is income to be assessed as a business receipt. The Orissa High Court's decision in Govinda Choudhury and Sons v. CIT [1977] 109 ITR 497 was cited, and the appeals were disposed of with no costs.
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