https://www.taxtmi.com/caselaws?id=65234 Interest on securities, bonds and debentures does not fall within "interest on loans and advances" under section 2(7) of the Interest-tax Act, because the charging provision is exhaustive and covers only interest on loans and advances made in India. Such instruments are investments, not loans and advances, and their treatment remains distinct from interest on loans under the Income-tax Act. The absence of a specific exemption in the revised statute cannot widen the charging section by implication, and a departmental instruction cannot override the statutory text. On that basis, interest from securities, bonds and debentures is outside the charge to interest-tax. en-us Tue, 21 Aug 2001 00:00:00 +0530 Mon, 14 Feb 2011 13:27:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65234 Interest on securities, bonds and debentures does not fall within "interest on loans and advances" under section 2(7) of the Interest-tax Act, because the charging provision is exhaustive and covers only interest on loans and advances made in India. Such instruments are investments, not loans and advances, and their treatment remains distinct from interest on loans under the Income-tax Act. The absence of a specific exemption in the revised statute cannot widen the charging section by implication, and a departmental instruction cannot override the statutory text. On that basis, interest from securities, bonds and debentures is outside the charge to interest-tax. Case-Laws Income Tax Tue, 21 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65234