2017 (5) TMI 1560

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..... TMI 8 - SUPREME Court] interest so received partakes the character as receipt for the payment for which the assessee was otherwise entitled to under the contract and thus entitled for statutory deduction. It cannot be separated from the other amounts granted to the assessee under the awards and treated as "income from other sources" - Decided in favour of assessee. - ITA No.1 of 2014, ITA No.401 .....

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..... d question. The sum of ₹ 2,77,692 was received by the assessee as interest on the amounts which were determined to be payable by the assessee in respect of certain contracts executed by the assessee and in regard to the payments under which there was a dispute between the two parties. The assessee is a contractor. His business is to enter into contracts. In the course of the execution of the .....

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..... e assessee can be treated as receipts which flow to him de hors the business which is carried on by him. In our view, the interest payable to him certainly partakes of the same character as the receipts for the payment of which he was otherwise entitled under the contract and which payment has been delayed as a result of certain disputes between the parties. It cannot be separated from the other .....

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