https://www.taxtmi.com/caselaws?id=264193 The Supreme Court upheld the High Court's decision regarding the taxability of interest income accrued from a public issue of shares. The interest income was deemed to have accrued in the Assessment Year 1993-1994, aligning with the assessee's argument. The court emphasized the trust relationship between the company and applicants until the allotment process was completed, stating that the interest income could only be considered once the trust terminated and the money became available for the company's use. The appeal was dismissed, affirming the taxability of the interest income in the specified year. en-us Fri, 04 Sep 2015 00:00:00 +0530 Sat, 05 Mar 2016 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264193 The Supreme Court upheld the High Court's decision regarding the taxability of interest income accrued from a public issue of shares. The interest income was deemed to have accrued in the Assessment Year 1993-1994, aligning with the assessee's argument. The court emphasized the trust relationship between the company and applicants until the allotment process was completed, stating that the interest income could only be considered once the trust terminated and the money became available for the company's use. The appeal was dismissed, affirming the taxability of the interest income in the specified year. Case-Laws Income Tax Fri, 04 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264193