https://www.taxtmi.com/caselaws?id=32743 The High Court upheld the Tribunal's decision to treat the unclaimed debenture amount as income for the assessment year 1999-2000. The Court found that the appellant utilized the unclaimed funds for business purposes and failed to transfer them to the Investor Education and Protection Fund as required by law. The Court affirmed that the amount should be considered as income, emphasizing that adjustments could be made in subsequent assessment years if amounts were repaid to debenture holders. The appeal was dismissed, with no order as to costs. en-us Fri, 13 Feb 2009 00:00:00 +0530 Mon, 12 Sep 2011 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32743 The High Court upheld the Tribunal's decision to treat the unclaimed debenture amount as income for the assessment year 1999-2000. The Court found that the appellant utilized the unclaimed funds for business purposes and failed to transfer them to the Investor Education and Protection Fund as required by law. The Court affirmed that the amount should be considered as income, emphasizing that adjustments could be made in subsequent assessment years if amounts were repaid to debenture holders. The appeal was dismissed, with no order as to costs. Case-Laws Income Tax Fri, 13 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32743