https://www.taxtmi.com/caselaws?id=20297 The court held that the interest income of Rs. 38,103 earned by the shipping agent on call deposits made from freight collected on behalf of non-resident ship-owners was taxable in the hands of the assessee. The court found no fiduciary relationship between the assessee and the ship-owners, determining that the assessee had full control over the funds. Consequently, the interest income was deemed to belong to the assessee and was subject to taxation. The decision favored the Revenue and ruled against the assessee, with the interest income being held as taxable in the assessee's hands. en-us Wed, 27 Oct 1993 00:00:00 +0530 Fri, 13 Nov 2009 11:05:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20297 The court held that the interest income of Rs. 38,103 earned by the shipping agent on call deposits made from freight collected on behalf of non-resident ship-owners was taxable in the hands of the assessee. The court found no fiduciary relationship between the assessee and the ship-owners, determining that the assessee had full control over the funds. Consequently, the interest income was deemed to belong to the assessee and was subject to taxation. The decision favored the Revenue and ruled against the assessee, with the interest income being held as taxable in the assessee's hands. Case-Laws Income Tax Wed, 27 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20297