https://www.taxtmi.com/caselaws?id=62012 The Appellate Tribunal held that interest amounts accrued to a Government company upon taking over business assets were not taxable in the hands of the assessee. The Tribunal upheld the decision to delete the additions made by the Income Tax Officer, as section 18(2) of the Income-tax Act did not apply in this case. The judgment clarified that the interest amount was part of the assets taken over by the assessee and not income earned, thus not subject to taxation. en-us Fri, 29 Jun 1984 00:00:00 +0530 Mon, 17 Jan 2011 16:38:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62012 The Appellate Tribunal held that interest amounts accrued to a Government company upon taking over business assets were not taxable in the hands of the assessee. The Tribunal upheld the decision to delete the additions made by the Income Tax Officer, as section 18(2) of the Income-tax Act did not apply in this case. The judgment clarified that the interest amount was part of the assets taken over by the assessee and not income earned, thus not subject to taxation. Case-Laws Income Tax Fri, 29 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62012