https://www.taxtmi.com/caselaws?id=35609 The court upheld the assessments against the executors under Section 168 of the Income-tax Act, 1961. It determined that the interest credited in a foreign bank account was taxable once credited, regardless of accessibility. The court deemed the refund of annuity deposits as taxable income for the executors and disallowed the deduction of estate duty from both annuity deposits and capital gains, following precedents. The judges held that separate assessments based on beneficiaries' interests were not required under Section 168(3). en-us Wed, 15 Apr 1981 00:00:00 +0530 Mon, 15 Mar 2010 15:37:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35609 The court upheld the assessments against the executors under Section 168 of the Income-tax Act, 1961. It determined that the interest credited in a foreign bank account was taxable once credited, regardless of accessibility. The court deemed the refund of annuity deposits as taxable income for the executors and disallowed the deduction of estate duty from both annuity deposits and capital gains, following precedents. The judges held that separate assessments based on beneficiaries' interests were not required under Section 168(3). Case-Laws Income Tax Wed, 15 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35609