https://www.taxtmi.com/caselaws?id=66631 The case involved issues regarding the taxability of interest received from the Electricity Board, adjusting interest received against interest paid, and the deductibility of interest paid to the bank. The tribunal ruled in favor of the department, upholding the Income Tax Officer's decision to tax the interest amounts received from the Electricity Board. The tribunal rejected the assessee's arguments for adjusting the interest received against interest paid and for deducting the interest paid to the bank, emphasizing the lack of direct connection between the interest payable and interest received. en-us Mon, 29 Jun 1987 00:00:00 +0530 Sat, 05 Mar 2011 13:00:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66631 The case involved issues regarding the taxability of interest received from the Electricity Board, adjusting interest received against interest paid, and the deductibility of interest paid to the bank. The tribunal ruled in favor of the department, upholding the Income Tax Officer's decision to tax the interest amounts received from the Electricity Board. The tribunal rejected the assessee's arguments for adjusting the interest received against interest paid and for deducting the interest paid to the bank, emphasizing the lack of direct connection between the interest payable and interest received. Case-Laws Income Tax Mon, 29 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66631