https://www.taxtmi.com/caselaws?id=6934 The entire interest credited in a joint loan account was taxable in the assessee's hands because the claimed one-third allocation was unsupported by evidence of any entitlement of the other two persons or proof that the income had been assessed in their hands. In the absence of material showing a genuine division of income, the income was presumed to have accrued to the assessee. The mercantile system of accounting also supported assessment of the full interest in the assessee's hands. The plea of impermissible double taxation therefore failed, and inclusion of the entire interest in the assessment was upheld. en-us Thu, 04 Aug 1966 00:00:00 +0530 Sat, 07 Feb 2009 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6934 The entire interest credited in a joint loan account was taxable in the assessee's hands because the claimed one-third allocation was unsupported by evidence of any entitlement of the other two persons or proof that the income had been assessed in their hands. In the absence of material showing a genuine division of income, the income was presumed to have accrued to the assessee. The mercantile system of accounting also supported assessment of the full interest in the assessee's hands. The plea of impermissible double taxation therefore failed, and inclusion of the entire interest in the assessment was upheld. Case-Laws Income Tax Thu, 04 Aug 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6934