https://www.taxtmi.com/caselaws?id=36141 The High Court ruled in favor of the revenue and against the assessee, holding that interest income earned by the assessee's family members should be taxed in the assessee's hands. The Court found that the transactions did not constitute genuine loans but arrangements falling under Sections 61 and 63(b) of the Income Tax Act, 1961. The Court highlighted inconsistencies in the Tribunal's decisions across assessment years and concluded that the interest income for all years should be taxed in the assessee's hands. en-us Mon, 21 May 1979 00:00:00 +0530 Fri, 19 Mar 2010 15:45:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36141 The High Court ruled in favor of the revenue and against the assessee, holding that interest income earned by the assessee's family members should be taxed in the assessee's hands. The Court found that the transactions did not constitute genuine loans but arrangements falling under Sections 61 and 63(b) of the Income Tax Act, 1961. The Court highlighted inconsistencies in the Tribunal's decisions across assessment years and concluded that the interest income for all years should be taxed in the assessee's hands. Case-Laws Income Tax Mon, 21 May 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36141