https://www.taxtmi.com/caselaws?id=49323 The Supreme Court upheld the decision of the High Court of Madhya Pradesh and the Income-tax Appellate Tribunal, ruling that interest on investment in a Hindu undivided family's income assessment was not standalone income but rather an appropriation of profits among members. The Court emphasized that book entries do not necessarily reflect actual entitlement to income, especially when losses shared exceed interest debited. It clarified that errors in the association's assessment should not dictate individual assessments, distinguishing between loss apportionment and income distribution. Ultimately, the appeal was dismissed, affirming the treatment of interest entries as related to loss apportionment, not income distribution. en-us Mon, 22 Mar 1965 00:00:00 +0530 Fri, 13 Aug 2010 16:25:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49323 The Supreme Court upheld the decision of the High Court of Madhya Pradesh and the Income-tax Appellate Tribunal, ruling that interest on investment in a Hindu undivided family's income assessment was not standalone income but rather an appropriation of profits among members. The Court emphasized that book entries do not necessarily reflect actual entitlement to income, especially when losses shared exceed interest debited. It clarified that errors in the association's assessment should not dictate individual assessments, distinguishing between loss apportionment and income distribution. Ultimately, the appeal was dismissed, affirming the treatment of interest entries as related to loss apportionment, not income distribution. Case-Laws Income Tax Mon, 22 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49323