https://www.taxtmi.com/caselaws?id=69128 The Tribunal held that the enhanced interest collected by the banks, due to the Impact of the Interest-tax Act, 1974, was deemed taxable under the same Act. The Tribunal rejected the banks' argument that the additional interest was collected on behalf of the government to cover the tax impact, emphasizing that the increased interest constituted taxable income as part of the banks' earnings. Therefore, the Tribunal upheld the lower authorities' decisions, dismissing the banks' appeals challenging the taxability of the enhanced interest under the Interest-tax Act, 1974. en-us Thu, 27 Aug 1987 00:00:00 +0530 Tue, 05 Apr 2011 13:03:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69128 The Tribunal held that the enhanced interest collected by the banks, due to the Impact of the Interest-tax Act, 1974, was deemed taxable under the same Act. The Tribunal rejected the banks' argument that the additional interest was collected on behalf of the government to cover the tax impact, emphasizing that the increased interest constituted taxable income as part of the banks' earnings. Therefore, the Tribunal upheld the lower authorities' decisions, dismissing the banks' appeals challenging the taxability of the enhanced interest under the Interest-tax Act, 1974. Case-Laws Income Tax Thu, 27 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69128