https://www.taxtmi.com/caselaws?id=290001 Interest received as the monetary equivalent of postponed enjoyment of property during partition litigation is treated as taxable income and does not qualify as a casual and non-recurring receipt. Income that had escaped assessment in an earlier year falls within the reassessment provision and may be brought to tax. Litigation expenditure incurred to acquire capital is not deductible in computing taxable income, because it is not incurred for earning the income itself. An assessment order explaining separate assessments does not, by itself, invalidate the income-tax proceedings absent a shown legal irregularity. en-us Mon, 27 Aug 1928 00:00:00 +0530 Thu, 03 Sep 2020 13:52:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290001 Interest received as the monetary equivalent of postponed enjoyment of property during partition litigation is treated as taxable income and does not qualify as a casual and non-recurring receipt. Income that had escaped assessment in an earlier year falls within the reassessment provision and may be brought to tax. Litigation expenditure incurred to acquire capital is not deductible in computing taxable income, because it is not incurred for earning the income itself. An assessment order explaining separate assessments does not, by itself, invalidate the income-tax proceedings absent a shown legal irregularity. Case-Laws Income Tax Mon, 27 Aug 1928 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290001