https://www.taxtmi.com/caselaws?id=193193 Interest earned on securities endorsed to the Accountant-General and forming part of the Excess Profits Fund was not assessable in the assessee's hands, because the assessee was neither legally nor beneficially entitled to the securities or the income during the relevant period. The later refund of the amount to the assessee did not change the character of the receipts. For tax credit under section 18(5) read with section 18(3), the assessee had to show that the Fund held the securities only as bare trustee and that the assessee had the relevant entitlement to the income; that basis was absent, so the credit claim also failed. en-us Fri, 24 Oct 1958 00:00:00 +0530 Sat, 15 Jul 2017 17:32:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193193 Interest earned on securities endorsed to the Accountant-General and forming part of the Excess Profits Fund was not assessable in the assessee's hands, because the assessee was neither legally nor beneficially entitled to the securities or the income during the relevant period. The later refund of the amount to the assessee did not change the character of the receipts. For tax credit under section 18(5) read with section 18(3), the assessee had to show that the Fund held the securities only as bare trustee and that the assessee had the relevant entitlement to the income; that basis was absent, so the credit claim also failed. Case-Laws Income Tax Fri, 24 Oct 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193193