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No tax on interest awarded by Motor Accident Claim Tribunal
Case Law Details
- Case Name
- Oriental Insurance Co. Ltd. Vs Chief Commissioner of Income Tax (TDS) (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Gujarat High Court
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Oriental Insurance Co. Ltd. Vs CCIT (TDS) (Gujarat High Court)
Conclusion: Interest paid for the delay in depositing the awarded amount allowed by the MACT in the accident case would not form part of the compensation and, therefore, would fall into the bracket of interest income and would be eligible to tax under the normal provisions.
Held: The issue raised was whether interest allowed by the MACT in the accident case on the amount of award could be termed as “Income from Interest” or if it was a part of compensation for the delay caused in the legal proceedings. Also, whether i...
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