Power to exempt interest-tax: central government may notify exemptions for credit institutions or loan categories subject to recommendation. Central Government may, by notification and subject to any specified conditions, exempt any credit institution or class of credit institutions or interest on any category of loans or advances from interest-tax where it is necessary or expedient in the public interest or because of peculiar circumstances; such exemption may be made only on the recommendation of the relevant monetary authority.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Power to exempt interest-tax: central government may notify exemptions for credit institutions or loan categories subject to recommendation.
Central Government may, by notification and subject to any specified conditions, exempt any credit institution or class of credit institutions or interest on any category of loans or advances from interest-tax where it is necessary or expedient in the public interest or because of peculiar circumstances; such exemption may be made only on the recommendation of the relevant monetary authority.
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