COMMISSIONER OF INCOME TAX, ASSAM ANDNAGALAND ETC. vs SHRI G. HYATT

The Supreme Court held that the amount of Rs. 27,948 received by the assessee as interest on his own contributions to an unrecognized provident fund is assessable as income under Section 2(24) of the Income-tax Act, 1961. However, the Court affirmed the High Court's ruling that this amount is exempt from tax under Section 17(3)(ii) of the Act, as it does not constitute salary. The Court upheld the High Court's decision, thereby confirming the assessee's position regarding the taxability of the receipt.