https://www.taxtmi.com/caselaws?id=49335 Amounts recovered on revived debts under the Malayan Occupation Period Ordinance were taxable only according to their character under the Income-tax Act, because the Ordinance merely restored the pre-existing debt balance and did not create a new source of income or compensation. Equitable pleas such as approbate and reprobate could not displace the charging provisions. Amounts paid in discharge of those revived debts were deductible only to the extent they represented interest; principal repayments were not deductible. Mixed payments had to be allocated under the law of appropriation of payments. The Ordinance thus affected the debt balance, but taxability and deductibility were governed exclusively by the Income-tax Act. en-us Mon, 26 Oct 1964 00:00:00 +0530 Mon, 13 Jul 2026 00:11:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49335 Amounts recovered on revived debts under the Malayan Occupation Period Ordinance were taxable only according to their character under the Income-tax Act, because the Ordinance merely restored the pre-existing debt balance and did not create a new source of income or compensation. Equitable pleas such as approbate and reprobate could not displace the charging provisions. Amounts paid in discharge of those revived debts were deductible only to the extent they represented interest; principal repayments were not deductible. Mixed payments had to be allocated under the law of appropriation of payments. The Ordinance thus affected the debt balance, but taxability and deductibility were governed exclusively by the Income-tax Act. Case-Laws Income Tax Mon, 26 Oct 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49335