https://www.taxtmi.com/caselaws?id=16645 The High Court of Madras ruled in favor of the assessee, a Hindu undivided family, in a case concerning the assessment of additional income and interest income derived from pronotes. The Court held that there was no evidence to suggest the assessee utilized the interest income for personal purposes. Therefore, the Court deemed the Tribunal's decision to sustain the assessable interest income as incorrect and directed the deletion of the entire interest amount. Consequently, the Court answered the questions in the negative and ruled in favor of the assessee. en-us Fri, 21 Feb 1997 00:00:00 +0530 Wed, 09 Sep 2009 11:51:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16645 The High Court of Madras ruled in favor of the assessee, a Hindu undivided family, in a case concerning the assessment of additional income and interest income derived from pronotes. The Court held that there was no evidence to suggest the assessee utilized the interest income for personal purposes. Therefore, the Court deemed the Tribunal's decision to sustain the assessable interest income as incorrect and directed the deletion of the entire interest amount. Consequently, the Court answered the questions in the negative and ruled in favor of the assessee. Case-Laws Income Tax Fri, 21 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16645