https://www.taxtmi.com/caselaws?id=39912 Interest awarded on refund of estate duty retained abroad was treated as revenue income, because interest paid for delayed return of money retains the character of income and is not converted into capital merely by being described as damages or paid in a lump sum. The receipt was also held not to fall within the casual and non-recurring receipt exemption, as it accrued day by day from the date proceedings were instituted and the liability to pay interest was within contemplation when the challenge to the levy was brought. The interest amount was therefore taxable income and the exemption claim failed. en-us Thu, 27 Oct 1966 00:00:00 +0530 Fri, 01 May 2015 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39912 Interest awarded on refund of estate duty retained abroad was treated as revenue income, because interest paid for delayed return of money retains the character of income and is not converted into capital merely by being described as damages or paid in a lump sum. The receipt was also held not to fall within the casual and non-recurring receipt exemption, as it accrued day by day from the date proceedings were instituted and the liability to pay interest was within contemplation when the challenge to the levy was brought. The interest amount was therefore taxable income and the exemption claim failed. Case-Laws Income Tax Thu, 27 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39912