https://www.taxtmi.com/caselaws?id=23765 The court ruled in favor of the assessee regarding the assessment of interest income received under chit fund schemes, stating that it could not be legally assessed as income. However, the court sided with the Revenue on the taxability of interest income, determining that it should be taxed during the assessment year and not spread over the scheme's duration. The judgment provided detailed reasoning based on legal principles and factual analysis, ultimately disposing of the reference with a split decision in favor of the parties on the respective issues. en-us Wed, 19 Jul 1989 00:00:00 +0530 Fri, 25 Dec 2009 18:19:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23765 The court ruled in favor of the assessee regarding the assessment of interest income received under chit fund schemes, stating that it could not be legally assessed as income. However, the court sided with the Revenue on the taxability of interest income, determining that it should be taxed during the assessment year and not spread over the scheme's duration. The judgment provided detailed reasoning based on legal principles and factual analysis, ultimately disposing of the reference with a split decision in favor of the parties on the respective issues. Case-Laws Income Tax Wed, 19 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23765