https://www.taxtmi.com/caselaws?id=190560 The court dismissed the appeal, holding that the sum awarded as interest under the Law Reform (Miscellaneous Provisions) Act, 1934, Section 3(1) qualifies as "interest of money" under the Income Tax Act, 1918. The court emphasized that the sum awarded, regardless of being termed as interest or damages, is considered income and is taxable under the Income Tax Acts. The essential distinction made was that the added sum represents compensation for the deprivation of money, making it taxable as income. en-us Fri, 21 Mar 1947 00:00:00 +0530 Sat, 18 Feb 2017 16:50:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190560 The court dismissed the appeal, holding that the sum awarded as interest under the Law Reform (Miscellaneous Provisions) Act, 1934, Section 3(1) qualifies as "interest of money" under the Income Tax Act, 1918. The court emphasized that the sum awarded, regardless of being termed as interest or damages, is considered income and is taxable under the Income Tax Acts. The essential distinction made was that the added sum represents compensation for the deprivation of money, making it taxable as income. Case-Laws Income Tax Fri, 21 Mar 1947 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190560