https://www.taxtmi.com/caselaws?id=168228 The net income received by the assessee in the assessment years 1958-59 and 1959-60 on account of interest on securities is held to be exempt from tax under section 14(3)(i) of the Income-tax Act by the High Court. Despite being chargeable under section 8, the court clarified that the exemption under section 14(3)(i) applies to all profits and gains of business, including interest on securities held as stock-in-trade by a banking co-operative society. The court emphasized that income categorization under specific heads for tax computation is crucial and awarded costs to the assessee, directing the judgment to the Income-tax Appellate Tribunal. en-us Tue, 22 Feb 1966 00:00:00 +0530 Wed, 04 Feb 2015 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168228 The net income received by the assessee in the assessment years 1958-59 and 1959-60 on account of interest on securities is held to be exempt from tax under section 14(3)(i) of the Income-tax Act by the High Court. Despite being chargeable under section 8, the court clarified that the exemption under section 14(3)(i) applies to all profits and gains of business, including interest on securities held as stock-in-trade by a banking co-operative society. The court emphasized that income categorization under specific heads for tax computation is crucial and awarded costs to the assessee, directing the judgment to the Income-tax Appellate Tribunal. Case-Laws Income Tax Tue, 22 Feb 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168228