https://www.taxtmi.com/caselaws?id=1704 The Supreme Court ruled in favor of the assessee-bank, holding that the rediscounting charges received from IDBI were not chargeable interest under the Interest-tax Act, 1974. The Court emphasized that the charges were part of the Bills Rediscounting Scheme introduced by IDBI, where the assessee-bank acted as a conduit for fund disbursement to manufacturers. The Court found that the charges were impressed with the character of rediscounting fees payable to IDBI and could not be considered as taxable interest income. en-us Mon, 30 Jul 2007 00:00:00 +0530 Sun, 08 May 2011 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1704 The Supreme Court ruled in favor of the assessee-bank, holding that the rediscounting charges received from IDBI were not chargeable interest under the Interest-tax Act, 1974. The Court emphasized that the charges were part of the Bills Rediscounting Scheme introduced by IDBI, where the assessee-bank acted as a conduit for fund disbursement to manufacturers. The Court found that the charges were impressed with the character of rediscounting fees payable to IDBI and could not be considered as taxable interest income. Case-Laws Income Tax Mon, 30 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1704