https://www.taxtmi.com/caselaws?id=422022 The court held that interest awarded by the Motor Accident Claims Tribunal (MACT) is not taxable under the Income Tax Act, 1961. It clarified that no Tax Deducted at Source (TDS) should be deducted on the interest awarded by MACT as it is considered compensatory and not income. The court emphasized that the full compensation amount should be deposited without any deduction, and any interest paid for delay in depositing the awarded amount would be taxable as interest income. en-us Tue, 05 Apr 2022 00:00:00 +0530 Mon, 22 Aug 2022 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422022 The court held that interest awarded by the Motor Accident Claims Tribunal (MACT) is not taxable under the Income Tax Act, 1961. It clarified that no Tax Deducted at Source (TDS) should be deducted on the interest awarded by MACT as it is considered compensatory and not income. The court emphasized that the full compensation amount should be deposited without any deduction, and any interest paid for delay in depositing the awarded amount would be taxable as interest income. Case-Laws Income Tax Tue, 05 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422022