https://www.taxtmi.com/caselaws?id=210423 The High Court ruled in favor of the assessee, determining that the interest paid by the Housing Board to allottees for delayed possession of flats was not taxable as per the Income-tax Act. The court established that the payments were compensatory in nature for construction delays, not falling under the definition of interest subject to tax deduction at source. The judgment provided a detailed analysis of relevant legal provisions and precedents to support its decision, emphasizing the distinction between interest and compensation in the context of the case. en-us Mon, 28 Nov 2011 00:00:00 +0530 Mon, 30 Jan 2012 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210423 The High Court ruled in favor of the assessee, determining that the interest paid by the Housing Board to allottees for delayed possession of flats was not taxable as per the Income-tax Act. The court established that the payments were compensatory in nature for construction delays, not falling under the definition of interest subject to tax deduction at source. The judgment provided a detailed analysis of relevant legal provisions and precedents to support its decision, emphasizing the distinction between interest and compensation in the context of the case. Case-Laws Income Tax Mon, 28 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210423