https://www.taxtmi.com/caselaws?id=190560 Interest awarded for the wrongful detention of money was treated in substance as income, not capital, for income tax purposes. The controlling test was the real character of the receipt, rather than the label of damages or compensation attached to it. Because the sum accrued from the date the money should have been paid and represented a recurring accretion during the period of withholding, it was chargeable as interest of money under Schedule D. The fact that the amount was included in a judgment debt did not change its character, and earlier contrary authorities were distinguished. 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 Interest awarded for the wrongful detention of money was treated in substance as income, not capital, for income tax purposes. The controlling test was the real character of the receipt, rather than the label of damages or compensation attached to it. Because the sum accrued from the date the money should have been paid and represented a recurring accretion during the period of withholding, it was chargeable as interest of money under Schedule D. The fact that the amount was included in a judgment debt did not change its character, and earlier contrary authorities were distinguished. Case-Laws Income Tax Fri, 21 Mar 1947 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190560