https://www.taxtmi.com/caselaws?id=186258 The court held that notional interest on a discharged bond was not taxable, as it was not realized income. The amount deposited as security in court was not deductible as it was a contingent liability. The decree amount obtained by a subsequent mortgagee was also not deductible as no expenditure was made in that year. Profits from the purchase of mortgaged property by the mortgagee were deemed taxable income, with the method of computing the property's value based on the public sale price. The court affirmed the High Court's decision and dismissed the appeal, awarding costs to the respondent. en-us Tue, 24 Jan 1933 00:00:00 +0530 Mon, 12 Sep 2016 18:38:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186258 The court held that notional interest on a discharged bond was not taxable, as it was not realized income. The amount deposited as security in court was not deductible as it was a contingent liability. The decree amount obtained by a subsequent mortgagee was also not deductible as no expenditure was made in that year. Profits from the purchase of mortgaged property by the mortgagee were deemed taxable income, with the method of computing the property's value based on the public sale price. The court affirmed the High Court's decision and dismissed the appeal, awarding costs to the respondent. Case-Laws Income Tax Tue, 24 Jan 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186258