https://www.taxtmi.com/caselaws?id=55714 The tribunal upheld the Commissioner of Income-tax's order to include interest received on Fixed Deposit Receipts in the total income of the assessee for the assessment year 1993-94. The tribunal determined that the interest accrued to the assessee and should be taxed, as there was no obligation to return the interest even if the principal amount was refunded. The tribunal found the initial assessment to be a 'Nil assessment' without proper consideration, justifying the Commissioner's revision under section 263 of the Income-tax Act. The tribunal dismissed the assessee's appeal, affirming the inclusion of the interest in the total income. en-us Mon, 08 May 2000 00:00:00 +0530 Mon, 29 Nov 2010 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55714 The tribunal upheld the Commissioner of Income-tax's order to include interest received on Fixed Deposit Receipts in the total income of the assessee for the assessment year 1993-94. The tribunal determined that the interest accrued to the assessee and should be taxed, as there was no obligation to return the interest even if the principal amount was refunded. The tribunal found the initial assessment to be a 'Nil assessment' without proper consideration, justifying the Commissioner's revision under section 263 of the Income-tax Act. The tribunal dismissed the assessee's appeal, affirming the inclusion of the interest in the total income. Case-Laws Income Tax Mon, 08 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55714