https://www.taxtmi.com/caselaws?id=182330 The court held that the interest component in compensation awarded by the Motor Accident Claims Tribunal (MACT) is part of the compensation and should be treated as a capital receipt, not taxable income, until the claimant receives the amount. The court referenced relevant statutory provisions to support this conclusion, distinguishing between interest on compensation and interest earned on the principal amount post-receipt. The appeals were allowed, overturning the Tribunal's view that the interest allowed by MACT in accident cases should be treated as income from interest. en-us Wed, 30 Mar 2011 00:00:00 +0530 Fri, 21 Apr 2023 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182330 The court held that the interest component in compensation awarded by the Motor Accident Claims Tribunal (MACT) is part of the compensation and should be treated as a capital receipt, not taxable income, until the claimant receives the amount. The court referenced relevant statutory provisions to support this conclusion, distinguishing between interest on compensation and interest earned on the principal amount post-receipt. The appeals were allowed, overturning the Tribunal's view that the interest allowed by MACT in accident cases should be treated as income from interest. Case-Laws Income Tax Wed, 30 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182330