https://www.taxtmi.com/caselaws?id=188521 Interest received on sale proceeds wrongfully retained was treated as income, not as capital receipt or damages, because the real test is the character of the receipt in income-tax law. The distinction between contractual interest and interest awarded by way of damages was considered immaterial where the amount retained the quality of recurring interest. Statutory interest payable as of right under advance tax provisions was also treated as income, because it operated as a surrogatum for income that should have been received and was not a discretionary or compensatory payment. en-us Fri, 23 Jan 1953 00:00:00 +0530 Sat, 03 Dec 2016 18:31:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188521 Interest received on sale proceeds wrongfully retained was treated as income, not as capital receipt or damages, because the real test is the character of the receipt in income-tax law. The distinction between contractual interest and interest awarded by way of damages was considered immaterial where the amount retained the quality of recurring interest. Statutory interest payable as of right under advance tax provisions was also treated as income, because it operated as a surrogatum for income that should have been received and was not a discretionary or compensatory payment. Case-Laws Income Tax Fri, 23 Jan 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188521