1986 (7) TMI 52 - HC - Income Tax

Summary

The High Court of Karnataka upheld the assessment made by the Income Tax Officer on the assessees under section 168 of the Income-tax Act, 1961. The court ruled that both the installment of principal amount and interest on annuity deposit are taxable. The proportionate estate duty payable on the annuity deposit is not deductible from the annuity deposit assessable as income. The decision was influenced by a similar case involving the same assessee.