https://www.taxtmi.com/caselaws?id=265544 The High Court of Madras ruled in favor of the assessee in an appeal concerning the taxability of interest earned on investments in corporate bonds under the Interest Tax Act, 1974. The Court held that interest on corporate bonds does not fall under the definition of 'interest on loans and advances,' as established by precedents and the Supreme Court's decision in Commissioner of Income Tax Vs. Sahara India Savings and Investment Corporation Limited. Therefore, the interest earned on corporate bonds was deemed not subject to interest tax under the Interest Tax Act, 1974, allowing the appeal in favor of the assessee. en-us Tue, 08 Sep 2015 00:00:00 +0530 Tue, 13 Oct 2015 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265544 The High Court of Madras ruled in favor of the assessee in an appeal concerning the taxability of interest earned on investments in corporate bonds under the Interest Tax Act, 1974. The Court held that interest on corporate bonds does not fall under the definition of 'interest on loans and advances,' as established by precedents and the Supreme Court's decision in Commissioner of Income Tax Vs. Sahara India Savings and Investment Corporation Limited. Therefore, the interest earned on corporate bonds was deemed not subject to interest tax under the Interest Tax Act, 1974, allowing the appeal in favor of the assessee. Case-Laws Income Tax Tue, 08 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265544