https://www.taxtmi.com/caselaws?id=176101 Transferable Government bonds issued under the U.P. Encumbered Estates Act, when received in discharge of interest due on money lent, were treated as taxable income because they were saleable, represented money's worth, and extinguished the debtor's liability. Receipt of an equivalent of cash can amount to realisation of income, and income may be received in kind as well as in cash. The creditor's lack of choice to accept the bonds did not change the character of the receipt. The interest component was therefore assessable as income received during the year of account. en-us Wed, 04 Oct 1950 00:00:00 +0530 Sat, 12 Dec 2015 11:06:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176101 Transferable Government bonds issued under the U.P. Encumbered Estates Act, when received in discharge of interest due on money lent, were treated as taxable income because they were saleable, represented money's worth, and extinguished the debtor's liability. Receipt of an equivalent of cash can amount to realisation of income, and income may be received in kind as well as in cash. The creditor's lack of choice to accept the bonds did not change the character of the receipt. The interest component was therefore assessable as income received during the year of account. Case-Laws Income Tax Wed, 04 Oct 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176101