https://www.taxtmi.com/caselaws?id=250478 The High Court affirmed the Tribunal's decision that overdue interest on demand bills is not chargeable to tax under the Interest Tax Act, 1974. The Court held that the Act's scope is limited to interest on loans and advances, excluding interest on transactions like bills of exchange. Since the Act does not explicitly include bills of exchange, the assessing authority cannot broaden its application. Therefore, the Court concluded that the amounts representing overdue interest on demand bills are not liable to be taxed under the Act. en-us Tue, 10 Jun 2014 00:00:00 +0530 Fri, 20 Feb 2015 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250478 The High Court affirmed the Tribunal's decision that overdue interest on demand bills is not chargeable to tax under the Interest Tax Act, 1974. The Court held that the Act's scope is limited to interest on loans and advances, excluding interest on transactions like bills of exchange. Since the Act does not explicitly include bills of exchange, the assessing authority cannot broaden its application. Therefore, the Court concluded that the amounts representing overdue interest on demand bills are not liable to be taxed under the Act. Case-Laws Income Tax Tue, 10 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250478