https://www.taxtmi.com/caselaws?id=188133 Interest on delayed payment of sale proceeds in a completed sale was treated as an incident of the sale price, not as interest on money lent or a loan transaction. Because no debtor-creditor relationship arose and there was no agreement converting the unpaid price into a repayable loan with interest, the amount could not be said to accrue or be deemed to accrue in British India under section 4 or section 42 of the Income-tax Act, 1922. The interest was therefore not taxable in India merely because the purchasers retained the sale proceeds for a time. en-us Tue, 31 Jan 1961 00:00:00 +0530 Fri, 18 Nov 2016 18:44:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188133 Interest on delayed payment of sale proceeds in a completed sale was treated as an incident of the sale price, not as interest on money lent or a loan transaction. Because no debtor-creditor relationship arose and there was no agreement converting the unpaid price into a repayable loan with interest, the amount could not be said to accrue or be deemed to accrue in British India under section 4 or section 42 of the Income-tax Act, 1922. The interest was therefore not taxable in India merely because the purchasers retained the sale proceeds for a time. Case-Laws Income Tax Tue, 31 Jan 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188133