https://www.taxtmi.com/caselaws?id=2486 The Court held that interest received on delayed share payments did not qualify as chargeable interest under the Income Tax Act, 1961. The Tribunal's decision to exclude such interest from taxable income was upheld, as it did not meet the definition of interest on loans or advances. The Court emphasized that the investment in equity participation did not constitute a loan or advance, leading to the dismissal of the Revenue's appeal. The interest on delayed share payments was deemed not subject to tax under the Act, aligning with the strict interpretation of the definition of interest. en-us Tue, 13 Feb 2007 00:00:00 +0530 Thu, 31 Jul 2008 09:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2486 The Court held that interest received on delayed share payments did not qualify as chargeable interest under the Income Tax Act, 1961. The Tribunal's decision to exclude such interest from taxable income was upheld, as it did not meet the definition of interest on loans or advances. The Court emphasized that the investment in equity participation did not constitute a loan or advance, leading to the dismissal of the Revenue's appeal. The interest on delayed share payments was deemed not subject to tax under the Act, aligning with the strict interpretation of the definition of interest. Case-Laws Income Tax Tue, 13 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2486