https://www.taxtmi.com/caselaws?id=174955 A company whose principal business is providing finance by making loans or advances to non-excluded borrowers falls within the taxing net as a loan company or financial company under the Interest Tax Act, 1974. The exclusion from charge is construed strictly and applies only to interest on loans or advances made to another credit institution or a co-operative society engaged in banking. Because the borrowers here did not fall within those excluded categories, the interest received was chargeable to tax, and the revised tax demand was sustained. en-us Sat, 23 Oct 2010 00:00:00 +0530 Sat, 31 Oct 2015 09:30:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174955 A company whose principal business is providing finance by making loans or advances to non-excluded borrowers falls within the taxing net as a loan company or financial company under the Interest Tax Act, 1974. The exclusion from charge is construed strictly and applies only to interest on loans or advances made to another credit institution or a co-operative society engaged in banking. Because the borrowers here did not fall within those excluded categories, the interest received was chargeable to tax, and the revised tax demand was sustained. Case-Laws Income Tax Sat, 23 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174955