https://www.taxtmi.com/caselaws?id=276531 Transferable estate bonds accepted in full settlement of a debt were treated as real receipt of money's worth under the cash system, so the embedded interest income became taxable in the year the bonds were received, not when they were later sold. Reassessment under the Income-tax Act was upheld because the assessee had not disclosed the interest income fully and truly, the original assessment did not reflect any conscious view on taxability, and the reopening was within limitation. en-us Tue, 10 Jul 1962 00:00:00 +0530 Tue, 13 Nov 2018 14:24:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276531 Transferable estate bonds accepted in full settlement of a debt were treated as real receipt of money's worth under the cash system, so the embedded interest income became taxable in the year the bonds were received, not when they were later sold. Reassessment under the Income-tax Act was upheld because the assessee had not disclosed the interest income fully and truly, the original assessment did not reflect any conscious view on taxability, and the reopening was within limitation. Case-Laws Income Tax Tue, 10 Jul 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276531