https://www.taxtmi.com/caselaws?id=304847 Income credited to shareholders' account remained taxable in the assessee's hands because book allocation under insurance accounting did not override the Income-tax Act. The Tribunal followed its earlier order in the assessee's own case and held that the transfer of earned income to the shareholders' account did not change the tax character of the receipt, so the addition was sustained. The challenge to interest under section 234D was not pressed and therefore did not survive for adjudication. en-us Tue, 07 Mar 2017 00:00:00 +0530 Wed, 18 Dec 2024 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304847 Income credited to shareholders' account remained taxable in the assessee's hands because book allocation under insurance accounting did not override the Income-tax Act. The Tribunal followed its earlier order in the assessee's own case and held that the transfer of earned income to the shareholders' account did not change the tax character of the receipt, so the addition was sustained. The challenge to interest under section 234D was not pressed and therefore did not survive for adjudication. Case-Laws Income Tax Tue, 07 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304847