Supreme Court of India
Commissioner of Licome-tax, Madras v. T.s.pl.p. Chidambaram Chettiar (dead) through L.rs.
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What the Court ordered
In the result their Lordships are of opinion that having regard to the nature of the transaction, the assessee is entitled to say that he has accepted the first six items in discharge pro tanto of his debtor's capital !iabr-' lity and that the capital debt now stands discharged to that ' extent.
Judgment, page 9
From the headnote
Income Tax Act, 1922, s. 34(1) (a) Requirements of-Assessee not disclosing part of money repaid against loan and interest--!! undisclosed amou.1t not taxable and to be presumed adjuslo?d against principal-System of accounts maintained by assessee-lf relevam in relation to concealed income. · The asscssee's father made various loans to P in 1932. Jn July, 1932 P executed a mortgage of some of his properties in favour of the assessee's father for ,a sum of Rs, 2.76 lakhs, After the mortgagee bad instituted a suit in December, 1940 claiming a sum of Rs. 5.50 Jakhs in· elusive of principal and
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