https://www.taxtmi.com/caselaws?id=186259 Receipt of transferable Encumbered Estate bonds that are convertible into cash at the holder's will constitutes payment-in-kind equivalent to money's worth and is assessable as interest in the year of receipt; the tribunal's finding that bonds were transferable, accepted in full settlement and partly sold within the accounting period supports assessability on receipt. Where an assessee omitted to record full value of such bonds in proper accounts, a tax authority receiving documentary or other information enabling a belief that income escaped assessment may validly issue reassessment notices; mere change of opinion is insufficient, but information-based belief justifies reassessment. 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 Encumbered Estate bonds that are convertible into cash at the holder's will constitutes payment-in-kind equivalent to money's worth and is assessable as interest in the year of receipt; the tribunal's finding that bonds were transferable, accepted in full settlement and partly sold within the accounting period supports assessability on receipt. Where an assessee omitted to record full value of such bonds in proper accounts, a tax authority receiving documentary or other information enabling a belief that income escaped assessment may validly issue reassessment notices; mere change of opinion is insufficient, but information-based belief justifies reassessment. Case-Laws Income Tax Tue, 10 Jul 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186259