https://www.taxtmi.com/caselaws?id=266246 The court held that the amounts collected by the bank from borrowers as interest tax were not considered part of the chargeable interest as defined under the Interest Tax Act. The court emphasized that the additional amount collected for interest tax did not qualify as interest accruing to the bank and was collected on behalf of the government. The decision favored the assessee, ruling that the interest tax collected did not fall within the statutory definition of "interest." The appeals were disposed of in favor of the assessee against the revenue. en-us Tue, 01 Sep 2015 00:00:00 +0530 Fri, 18 Dec 2015 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266246 The court held that the amounts collected by the bank from borrowers as interest tax were not considered part of the chargeable interest as defined under the Interest Tax Act. The court emphasized that the additional amount collected for interest tax did not qualify as interest accruing to the bank and was collected on behalf of the government. The decision favored the assessee, ruling that the interest tax collected did not fall within the statutory definition of "interest." The appeals were disposed of in favor of the assessee against the revenue. Case-Laws Income Tax Tue, 01 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266246