https://www.taxtmi.com/caselaws?id=6112 Interest awarded by an arbitrator on compensation payable under a works contract was treated as a revenue receipt and therefore taxable as income. The earlier view that such interest was not income was rejected. The Court held that the receipt could not be brought under the head "Income from other sources" and, on the reasoning accepted, it was assessable as a business receipt. The reference was answered in favour of the Revenue and against the assessee. en-us Fri, 12 Jul 1996 00:00:00 +0530 Tue, 02 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6112 Interest awarded by an arbitrator on compensation payable under a works contract was treated as a revenue receipt and therefore taxable as income. The earlier view that such interest was not income was rejected. The Court held that the receipt could not be brought under the head "Income from other sources" and, on the reasoning accepted, it was assessable as a business receipt. The reference was answered in favour of the Revenue and against the assessee. Case-Laws Income Tax Fri, 12 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6112