https://www.taxtmi.com/caselaws?id=178922 The Tribunal ruled in favor of the assessee, determining that only the net amount of interest received after deducting the interest paid should be taxed. It concluded that the interest paid and received should be assessed under "Income from other sources," with the interest paid under section 220(2) to be adjusted against interest received under section 244 for taxation purposes. The judgment highlighted the importance of accurately determining real income by considering the relationship between interest paid and received in accordance with income tax laws. en-us Fri, 21 Aug 1981 00:00:00 +0530 Tue, 16 Feb 2016 12:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178922 The Tribunal ruled in favor of the assessee, determining that only the net amount of interest received after deducting the interest paid should be taxed. It concluded that the interest paid and received should be assessed under "Income from other sources," with the interest paid under section 220(2) to be adjusted against interest received under section 244 for taxation purposes. The judgment highlighted the importance of accurately determining real income by considering the relationship between interest paid and received in accordance with income tax laws. Case-Laws Income Tax Fri, 21 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178922