https://www.taxtmi.com/caselaws?id=19138 Pre-award interest received on an arbitration award was treated as taxable income under the Income-tax Act because it formed part of the monetary benefit arising from the contract dispute and was not exempt merely because it was included in the award amount. Where the principal award amount was assessed as business income, the interest component was held to bear the same tax character and be taxed at the rate applicable to that principal business receipt. The reference was answered in favour of the Revenue, with the interest component assessed consistently with the principal business income. en-us Wed, 21 Jun 1995 00:00:00 +0530 Wed, 04 Nov 2009 12:27:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19138 Pre-award interest received on an arbitration award was treated as taxable income under the Income-tax Act because it formed part of the monetary benefit arising from the contract dispute and was not exempt merely because it was included in the award amount. Where the principal award amount was assessed as business income, the interest component was held to bear the same tax character and be taxed at the rate applicable to that principal business receipt. The reference was answered in favour of the Revenue, with the interest component assessed consistently with the principal business income. Case-Laws Income Tax Wed, 21 Jun 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19138