https://www.taxtmi.com/caselaws?id=65265 The Interest-tax Act defines "interest" exhaustively and confines the charge to interest on loans and advances, so the statute cannot be expanded by ordinary meaning. Interest on short-term deposits placed with public sector undertakings and credit institutions was not automatically taxable as chargeable interest, and the factual character of those transactions required fresh examination. Interest on securities and bonds was outside the tax base because the amended definition did not enlarge the levy to cover such income. The legislative scheme was read as widening the class of taxable entities, not the scope of taxable interest, so the addition for securities and bonds was to be deleted. en-us Fri, 25 Nov 2005 00:00:00 +0530 Wed, 10 Apr 2024 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65265 The Interest-tax Act defines "interest" exhaustively and confines the charge to interest on loans and advances, so the statute cannot be expanded by ordinary meaning. Interest on short-term deposits placed with public sector undertakings and credit institutions was not automatically taxable as chargeable interest, and the factual character of those transactions required fresh examination. Interest on securities and bonds was outside the tax base because the amended definition did not enlarge the levy to cover such income. The legislative scheme was read as widening the class of taxable entities, not the scope of taxable interest, so the addition for securities and bonds was to be deleted. Case-Laws Income Tax Fri, 25 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65265