https://www.taxtmi.com/caselaws?id=13921 The court held that the entire interest income received by the assessee during the relevant accounting year, due to exercising the discounted value option, is taxable in that year under "Income from other sources" as per the Income-tax Act. The court rejected the assessee's argument to spread the income over three years, emphasizing the actual receipt of income in the same year. The decision favored the Revenue, setting aside lower authorities' decisions and restoring the Income-tax Officer's decision, with no costs awarded. en-us Wed, 03 Oct 2001 00:00:00 +0530 Mon, 06 Jul 2009 11:07:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13921 The court held that the entire interest income received by the assessee during the relevant accounting year, due to exercising the discounted value option, is taxable in that year under "Income from other sources" as per the Income-tax Act. The court rejected the assessee's argument to spread the income over three years, emphasizing the actual receipt of income in the same year. The decision favored the Revenue, setting aside lower authorities' decisions and restoring the Income-tax Officer's decision, with no costs awarded. Case-Laws Income Tax Wed, 03 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13921