https://www.taxtmi.com/caselaws?id=212445 The court held that the interest tax recovered by the assessee from its customers was not chargeable to interest tax under the Interest Tax Act, 1974. The court considered relevant provisions of the Act, emphasizing that the interest tax collected ultimately goes to the government treasury without benefit to the assessee. Relying on precedents, the court concluded that the recovered interest tax did not constitute chargeable interest. As a result, the appeal was dismissed in favor of the assessee, ruling against the revenue's position. en-us Thu, 26 May 2011 00:00:00 +0530 Wed, 16 May 2012 19:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212445 The court held that the interest tax recovered by the assessee from its customers was not chargeable to interest tax under the Interest Tax Act, 1974. The court considered relevant provisions of the Act, emphasizing that the interest tax collected ultimately goes to the government treasury without benefit to the assessee. Relying on precedents, the court concluded that the recovered interest tax did not constitute chargeable interest. As a result, the appeal was dismissed in favor of the assessee, ruling against the revenue's position. Case-Laws Income Tax Thu, 26 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212445