https://www.taxtmi.com/caselaws?id=69535 The tribunal ruled in favor of the scheduled bank in a case involving the computation of chargeable interest under the Interest Tax Act. It held that interest paid to Agricultural Refinance & Development Corporation and Industrial Development Bank of India should be considered in determining chargeable interest. The tribunal viewed the refinancing schemes by ARDC and IDBI as integrated transactions, requiring only the net interest accrued to the bank to be subject to tax. Additionally, interest received from Co-operative Land Development Bank was excluded from chargeable interest, and the bad debt write-off for the assessment year 1979-80 was allowed. en-us Fri, 19 May 1989 00:00:00 +0530 Thu, 07 Apr 2011 14:59:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69535 The tribunal ruled in favor of the scheduled bank in a case involving the computation of chargeable interest under the Interest Tax Act. It held that interest paid to Agricultural Refinance & Development Corporation and Industrial Development Bank of India should be considered in determining chargeable interest. The tribunal viewed the refinancing schemes by ARDC and IDBI as integrated transactions, requiring only the net interest accrued to the bank to be subject to tax. Additionally, interest received from Co-operative Land Development Bank was excluded from chargeable interest, and the bad debt write-off for the assessment year 1979-80 was allowed. Case-Laws Income Tax Fri, 19 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69535