https://www.taxtmi.com/caselaws?id=37422 The court held that the interest received on tax refunds for the assessment years 1969-70, 1970-71, and 1971-72 is assessable as income under the head "Other sources." The court rejected the argument that the interest was not income but a form of tax refund or remission, emphasizing that it compensates for the deprivation of the use of money. Referring to relevant case law, the court concluded that the interest paid under section 214 of the Income Tax Act is not a relief in computing income but taxable income. The Tribunal's decisions were upheld, and the assessee's contentions were dismissed. en-us Thu, 30 Mar 1978 00:00:00 +0530 Mon, 29 Mar 2010 15:49:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37422 The court held that the interest received on tax refunds for the assessment years 1969-70, 1970-71, and 1971-72 is assessable as income under the head "Other sources." The court rejected the argument that the interest was not income but a form of tax refund or remission, emphasizing that it compensates for the deprivation of the use of money. Referring to relevant case law, the court concluded that the interest paid under section 214 of the Income Tax Act is not a relief in computing income but taxable income. The Tribunal's decisions were upheld, and the assessee's contentions were dismissed. Case-Laws Income Tax Thu, 30 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37422