https://www.taxtmi.com/caselaws?id=279660 The court held that interest income received on compensation awarded by the Motor Accident Claims Tribunal is taxable under Section 2(28A) of the Income Tax Act, 1961. The judgment favored the department, directing the assessee to calculate interest year-wise, maintain separate fixed deposit accounts, and refund the amount if necessary. The decision clarified the tax liability on interest income and emphasized taxing interest on compensation on an accrual basis. en-us Wed, 26 Apr 2017 00:00:00 +0530 Sat, 31 Aug 2019 17:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279660 The court held that interest income received on compensation awarded by the Motor Accident Claims Tribunal is taxable under Section 2(28A) of the Income Tax Act, 1961. The judgment favored the department, directing the assessee to calculate interest year-wise, maintain separate fixed deposit accounts, and refund the amount if necessary. The decision clarified the tax liability on interest income and emphasized taxing interest on compensation on an accrual basis. Case-Laws Income Tax Wed, 26 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279660