2026 (7) TMI 1165

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....<br>Income Tax<br>THE HONOURABLE MR. JUSTICE ZIYAD RAHMAN A.A. For the Appellant : Advs. Shri. P.B. Muhammed Ajeesh, Shri. Raieez M Ashraf For the Respondents: Advs. Shri. A. Kumar (Sr.), Sri. P.G. Jayashankar, SC SRI. P.J. Anilkumar (A-1768), Smt. G. Mini Shri. P.S. Sree Prasad Shri. Job Abraham SHRI. P.J. Anilkumar Smt. G. MINI (1748) JUDGMENT This writ petition is submitted by the p....

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....rdingly, the Insurance Company was directed to deposit Rs. 2,21,870/- and Rs. 18,581/- in the name of each petitioner, since they were minors. Exts.P1 and P2 are the F.D. receipts dated 18.01.2011, evidencing the fixed deposits made by the Tribunal with 2nd respondent. 3. Later, on attaining majority, the petitioners have withdrawn the fixed deposits in the year 2021 and 2022 respectively. Ther....

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....e Tax Act, which reads as follows: "(ix) to such income credited by way of interest on the compensation amount awarded by the Motor Accidents Claims Tribunal; (ixa) to such income paid by way of interest on the compensation amount awarded by the Motor Accidents Claims Tribunal where the amount of such income or, as the case may be, the aggregate of the amounts of such income paid....

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....er Section 194A(3)(ix) and (ixa) is the amount credited as interest on the compensation amount awarded by the Motor Accidents Claims Tribunal. As far as the interest accrued on the deposit made with the respondent Bank is concerned, the same would not come within the category of the income of interest referred to in Sub-clause(ix) and (ixa) of Section 194A(3) of the Act, as it is an income on the ....