https://www.taxtmi.com/caselaws?id=251676 The High Court dismissed the appeals, affirming that interest on debentures does not constitute chargeable interest under the Interest Tax Act. It was held that notional interest should not be included in calculating chargeable interest. The court also ruled that the judgment in the Lakshmi Vilas Bank case remains relevant even after the amendment of the Interest Tax Act. The decisions were in favor of the assessee, and the appeals were dismissed with no costs. en-us Wed, 10 Sep 2014 00:00:00 +0530 Wed, 18 Feb 2015 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251676 The High Court dismissed the appeals, affirming that interest on debentures does not constitute chargeable interest under the Interest Tax Act. It was held that notional interest should not be included in calculating chargeable interest. The court also ruled that the judgment in the Lakshmi Vilas Bank case remains relevant even after the amendment of the Interest Tax Act. The decisions were in favor of the assessee, and the appeals were dismissed with no costs. Case-Laws Income Tax Wed, 10 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251676