https://www.taxtmi.com/caselaws?id=210707 The Tribunal determined that the interest earned by the assessee from M/s. SWC was not chargeable to interest-tax under section 5 of the Interest-tax Act as the transaction was deemed a "deposit" and not a "loan." The amount given to M/s. SWC was also held to be a deposit and not a loan, based on evidence and judicial precedents. The Commissioner of Income-tax (Appeals) had treated the transaction as a loan, but the Tribunal's decision was upheld, resulting in a favorable outcome for the assessee, with the appeal being dismissed. en-us Tue, 30 Aug 2011 00:00:00 +0530 Fri, 14 Dec 2012 15:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210707 The Tribunal determined that the interest earned by the assessee from M/s. SWC was not chargeable to interest-tax under section 5 of the Interest-tax Act as the transaction was deemed a "deposit" and not a "loan." The amount given to M/s. SWC was also held to be a deposit and not a loan, based on evidence and judicial precedents. The Commissioner of Income-tax (Appeals) had treated the transaction as a loan, but the Tribunal's decision was upheld, resulting in a favorable outcome for the assessee, with the appeal being dismissed. Case-Laws Income Tax Tue, 30 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210707