https://www.taxtmi.com/caselaws?id=67784 Interest arising from a family deposit was held not taxable in the year under appeal because the preliminary decree had already conclusively determined the liability and the rate of interest. The final decree merely quantified the amount on the basis previously settled, and a party that did not challenge the preliminary decree could not reopen it in an appeal from the final decree under the rule reflected in Section 97 CPC. As the dispute stood finally concluded before the relevant previous year, the income had not accrued in that year, and taxation on receipt basis was also unsupported on the record. The addition was therefore unsustainable. en-us Thu, 20 Nov 1980 00:00:00 +0530 Mon, 14 Mar 2011 15:42:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67784 Interest arising from a family deposit was held not taxable in the year under appeal because the preliminary decree had already conclusively determined the liability and the rate of interest. The final decree merely quantified the amount on the basis previously settled, and a party that did not challenge the preliminary decree could not reopen it in an appeal from the final decree under the rule reflected in Section 97 CPC. As the dispute stood finally concluded before the relevant previous year, the income had not accrued in that year, and taxation on receipt basis was also unsupported on the record. The addition was therefore unsustainable. Case-Laws Income Tax Thu, 20 Nov 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67784