https://www.taxtmi.com/caselaws?id=61798 The Appellate Tribunal ITAT Cochin accepted the explanation for a nine-day delay in filing an appeal and ruled in favor of the assessee in a dispute over the assessment of interest income on fixed deposits. The Tribunal held that the interest paid on loans secured by the deposits could be deducted from the interest received, allowing for the net amount to be assessed as income. This decision was based on the principle of mutual dealings and the nexus between the deposits and borrowings within the same banking relationship, rejecting the department's argument for taxing the gross interest amount. en-us Thu, 26 Jul 1990 00:00:00 +0530 Sat, 15 Jan 2011 11:07:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61798 The Appellate Tribunal ITAT Cochin accepted the explanation for a nine-day delay in filing an appeal and ruled in favor of the assessee in a dispute over the assessment of interest income on fixed deposits. The Tribunal held that the interest paid on loans secured by the deposits could be deducted from the interest received, allowing for the net amount to be assessed as income. This decision was based on the principle of mutual dealings and the nexus between the deposits and borrowings within the same banking relationship, rejecting the department's argument for taxing the gross interest amount. Case-Laws Income Tax Thu, 26 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61798