https://www.taxtmi.com/caselaws?id=37092 Interest on delayed compensation accrues year by year and is taxable on accrual under the mercantile system, so only the portion attributable to the relevant year is brought to tax; such interest remains revenue in character even though it arises from acquisition of a capital asset. The income from properties said to have been transferred to the trust was assessed in the hands of the assessee-family, as the point was governed by an earlier decision between the same parties. The sum of Rs. 10,000 was also treated as the assessee's income and not the college's, on the same basis. en-us Wed, 28 Nov 1979 00:00:00 +0530 Fri, 26 Mar 2010 13:11:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37092 Interest on delayed compensation accrues year by year and is taxable on accrual under the mercantile system, so only the portion attributable to the relevant year is brought to tax; such interest remains revenue in character even though it arises from acquisition of a capital asset. The income from properties said to have been transferred to the trust was assessed in the hands of the assessee-family, as the point was governed by an earlier decision between the same parties. The sum of Rs. 10,000 was also treated as the assessee's income and not the college's, on the same basis. Case-Laws Income Tax Wed, 28 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37092