https://www.taxtmi.com/caselaws?id=210924 The High Court upheld the netting of interest paid from gross interest on Fixed Deposit Receipts for the assessment year 2007-08. The court ruled in favor of the assessee, allowing the interest paid on a loan to be reduced while calculating taxable income under the same head, as it was borrowed for the purpose of making or earning interest income. The court emphasized that the loan was utilized for specific purposes related to the Exim Policy and lower LIBOR rate of interest, affirming the tribunal's decision and dismissing the appeal. en-us Tue, 21 Feb 2012 00:00:00 +0530 Fri, 24 Feb 2012 13:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210924 The High Court upheld the netting of interest paid from gross interest on Fixed Deposit Receipts for the assessment year 2007-08. The court ruled in favor of the assessee, allowing the interest paid on a loan to be reduced while calculating taxable income under the same head, as it was borrowed for the purpose of making or earning interest income. The court emphasized that the loan was utilized for specific purposes related to the Exim Policy and lower LIBOR rate of interest, affirming the tribunal's decision and dismissing the appeal. Case-Laws Income Tax Tue, 21 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210924