https://www.taxtmi.com/caselaws?id=60276 A decree-awarded additional sum arising from delayed payment under supply contracts was taxable as interest, because the claim itself was expressly founded on the Interest Act and damages under the Sale of Goods Act, and the decree awarded principal with interest. The amount could not be re-characterised as compensatory merely because it was described as damages by the assessee. On the facts and the terms of the decree, the receipt represented income by way of interest and was rightly brought to tax. en-us Tue, 30 Oct 1984 00:00:00 +0530 Tue, 04 Jan 2011 15:05:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60276 A decree-awarded additional sum arising from delayed payment under supply contracts was taxable as interest, because the claim itself was expressly founded on the Interest Act and damages under the Sale of Goods Act, and the decree awarded principal with interest. The amount could not be re-characterised as compensatory merely because it was described as damages by the assessee. On the facts and the terms of the decree, the receipt represented income by way of interest and was rightly brought to tax. Case-Laws Income Tax Tue, 30 Oct 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60276