https://www.taxtmi.com/caselaws?id=252572 The court clarified that the balance amount of a fixed deposit written off during the current assessment year under a settlement was not taxable income as it did not result in a real accrual or receipt for the assessee. The court distinguished between actual income and fictional income, ruling in favor of the assessee and emphasizing the proper application of tax laws in such cases. The judgment provided a detailed analysis of the tax treatment of forfeited portions of fixed deposits, setting aside lower authorities' orders and confirming that the balance amount of the deposit was not subject to tax. en-us Tue, 07 Oct 2014 00:00:00 +0530 Wed, 29 Oct 2014 07:34:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252572 The court clarified that the balance amount of a fixed deposit written off during the current assessment year under a settlement was not taxable income as it did not result in a real accrual or receipt for the assessee. The court distinguished between actual income and fictional income, ruling in favor of the assessee and emphasizing the proper application of tax laws in such cases. The judgment provided a detailed analysis of the tax treatment of forfeited portions of fixed deposits, setting aside lower authorities' orders and confirming that the balance amount of the deposit was not subject to tax. Case-Laws Income Tax Tue, 07 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252572