https://www.taxtmi.com/caselaws?id=185074 Interest earned on fixed deposits was treated as taxable income in the assessee's hands, and it could be reduced only where a provision of law expressly permitted such reduction. The Kerala HC held that, absent any statutory basis, interest paid on a loan taken against the fixed deposits could not be set off against the interest earned on those deposits. The claimed adjustment was therefore disallowed, and the issue was answered in the negative in favour of the Revenue. en-us Mon, 10 Mar 2003 00:00:00 +0530 Fri, 29 Jul 2016 17:47:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185074 Interest earned on fixed deposits was treated as taxable income in the assessee's hands, and it could be reduced only where a provision of law expressly permitted such reduction. The Kerala HC held that, absent any statutory basis, interest paid on a loan taken against the fixed deposits could not be set off against the interest earned on those deposits. The claimed adjustment was therefore disallowed, and the issue was answered in the negative in favour of the Revenue. Case-Laws Income Tax Mon, 10 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185074