https://www.taxtmi.com/caselaws?id=69105 The guaranteed sums received by the assessee from DICGC are not entirely treated as income. The assessee can first appropriate the sums towards the principal, which is not taxable as income. The principal sums cannot be considered bad or doubtful debts for deduction purposes. However, the interest and other charges component of the guaranteed sum will be taxed upon receipt. The CIT's revision order is canceled, and the Assessing Officer is instructed to follow the Tribunal's decision. The assessee's appeals are partially granted. en-us Fri, 05 Nov 1993 00:00:00 +0530 Tue, 05 Apr 2011 12:10:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69105 The guaranteed sums received by the assessee from DICGC are not entirely treated as income. The assessee can first appropriate the sums towards the principal, which is not taxable as income. The principal sums cannot be considered bad or doubtful debts for deduction purposes. However, the interest and other charges component of the guaranteed sum will be taxed upon receipt. The CIT's revision order is canceled, and the Assessing Officer is instructed to follow the Tribunal's decision. The assessee's appeals are partially granted. Case-Laws Income Tax Fri, 05 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69105