https://www.taxtmi.com/caselaws?id=193192 A refund under Section 48 of the Indian Income-tax Act, 1922 was unavailable where the company had used its own funds to buy debentures in the name of a debenture trustee and retained the beneficial ownership subject to security arrangements. The interest credited to the trustee was not, in substance, the trustee's income but a deposit or appropriation of the company's own money for security purposes. As the tax deduction was not made from income properly chargeable in the trustee's hands, the machinery of Section 18(5) and the refund provision in Section 48 did not assist the company. The reference was answered against the assessee. en-us Fri, 29 Aug 1947 00:00:00 +0530 Tue, 18 Jul 2017 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193192 A refund under Section 48 of the Indian Income-tax Act, 1922 was unavailable where the company had used its own funds to buy debentures in the name of a debenture trustee and retained the beneficial ownership subject to security arrangements. The interest credited to the trustee was not, in substance, the trustee's income but a deposit or appropriation of the company's own money for security purposes. As the tax deduction was not made from income properly chargeable in the trustee's hands, the machinery of Section 18(5) and the refund provision in Section 48 did not assist the company. The reference was answered against the assessee. Case-Laws Income Tax Fri, 29 Aug 1947 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193192