https://www.taxtmi.com/caselaws?id=204610 The Court ruled in favor of the appellant, holding that interest received under bills rediscounting scheme from banking companies should not be considered chargeable interest under the Interest Tax Act, 1974. The Tribunal's decision to tax such interest was deemed incorrect as it misinterpreted the provisions of the Act. The order was set aside, directing the exclusion of the interest amount from taxation. The appeal was allowed against the Revenue, with no costs awarded to either party. en-us Thu, 16 Jun 2011 00:00:00 +0530 Fri, 14 Dec 2012 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204610 The Court ruled in favor of the appellant, holding that interest received under bills rediscounting scheme from banking companies should not be considered chargeable interest under the Interest Tax Act, 1974. The Tribunal's decision to tax such interest was deemed incorrect as it misinterpreted the provisions of the Act. The order was set aside, directing the exclusion of the interest amount from taxation. The appeal was allowed against the Revenue, with no costs awarded to either party. Case-Laws Income Tax Thu, 16 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204610