https://www.taxtmi.com/caselaws?id=49327 The Supreme Court held that Zamindari Abolition Compensation Bonds could not be used for agricultural income-tax payment as neither the Act nor rule 8-A required their acceptance. Delivery of bonds to intermediaries equated to compensation payment, eliminating the compensation claim. The bonds' negotiability did not mandate acceptance for payment. Once compensation was paid in cash or bonds, it ceased to be payable. The Court allowed the appeal, overturning the High Court's decision and reinstating the Collector's refusal to accept the bonds for tax payment, with costs imposed on the respondent. en-us Mon, 22 Feb 1965 00:00:00 +0530 Wed, 20 Aug 2014 19:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49327 The Supreme Court held that Zamindari Abolition Compensation Bonds could not be used for agricultural income-tax payment as neither the Act nor rule 8-A required their acceptance. Delivery of bonds to intermediaries equated to compensation payment, eliminating the compensation claim. The bonds' negotiability did not mandate acceptance for payment. Once compensation was paid in cash or bonds, it ceased to be payable. The Court allowed the appeal, overturning the High Court's decision and reinstating the Collector's refusal to accept the bonds for tax payment, with costs imposed on the respondent. Case-Laws Indian Laws Mon, 22 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49327