https://www.taxtmi.com/caselaws?id=29132 Interest earned on a court deposit made in an acquisition dispute was held taxable as the assessee-company's income because the deposited sum formed part of the compensation payable to it. The High Court noted that once the company declared dividends, the liability became a debt and was taken over under the acquisition statute; when the appeal failed, the deposit became payable to the company. As the principal belonged to the company, the interest accrued to and belonged to it as well, making the Tribunal's contrary view erroneous. en-us Wed, 16 Jun 1982 00:00:00 +0530 Thu, 11 Mar 2010 10:42:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29132 Interest earned on a court deposit made in an acquisition dispute was held taxable as the assessee-company's income because the deposited sum formed part of the compensation payable to it. The High Court noted that once the company declared dividends, the liability became a debt and was taken over under the acquisition statute; when the appeal failed, the deposit became payable to the company. As the principal belonged to the company, the interest accrued to and belonged to it as well, making the Tribunal's contrary view erroneous. Case-Laws Income Tax Wed, 16 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29132