https://www.taxtmi.com/caselaws?id=38787 Instalments of refund of annuity deposit received by nominees were held not taxable in their hands under the Income-tax Act, because the statutory fiction treated such repayments as income only in the hands of the depositor. The court ruled that taxation cannot be extended by equity or implication where no charging or deeming provision expressly covers the nominees' receipt. Since the nominees received the amounts without any independent commercial activity and the Act did not deem the receipts to be their income, the amounts did not retain taxable character. Any doubt in the taxing provision was resolved in favour of the assessee. en-us Tue, 04 Jan 1977 00:00:00 +0530 Sat, 21 Jan 2012 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38787 Instalments of refund of annuity deposit received by nominees were held not taxable in their hands under the Income-tax Act, because the statutory fiction treated such repayments as income only in the hands of the depositor. The court ruled that taxation cannot be extended by equity or implication where no charging or deeming provision expressly covers the nominees' receipt. Since the nominees received the amounts without any independent commercial activity and the Act did not deem the receipts to be their income, the amounts did not retain taxable character. Any doubt in the taxing provision was resolved in favour of the assessee. Case-Laws Income Tax Tue, 04 Jan 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38787