https://www.taxtmi.com/caselaws?id=186259 Receipt of transferable U.P. Encumbered Estate Bonds in full settlement of an interest-bearing debt is treated as receipt of income in money's worth when the bonds are received, so the embedded interest is taxable under the cash system even before conversion into cash. For reassessment, production of books alone is not enough where the relevant receipt is not fully and truly disclosed in the proper accounts; the Explanation to section 34 confirms that mere discoverability from books does not amount to adequate disclosure. On that basis, the reference was resolved in favour of the revenue and both questions were answered against the assessee. en-us Tue, 10 Jul 1962 00:00:00 +0530 Mon, 12 Sep 2016 18:45:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186259 Receipt of transferable U.P. Encumbered Estate Bonds in full settlement of an interest-bearing debt is treated as receipt of income in money's worth when the bonds are received, so the embedded interest is taxable under the cash system even before conversion into cash. For reassessment, production of books alone is not enough where the relevant receipt is not fully and truly disclosed in the proper accounts; the Explanation to section 34 confirms that mere discoverability from books does not amount to adequate disclosure. On that basis, the reference was resolved in favour of the revenue and both questions were answered against the assessee. Case-Laws Income Tax Tue, 10 Jul 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186259