https://www.taxtmi.com/caselaws?id=330883 The High Court ruled in favor of the assessee in a tax case involving the taxability of income from interest on inter-corporate deposits. The court held that inter-corporate deposits do not qualify as loans or advances for tax assessment purposes, thereby exempting the assessee from paying interest tax under the Income Tax Act. Consequently, the penalty levied under section 13 of the Interest Tax Act was also set aside in favor of the assessee. All appeals were dismissed with no costs awarded. en-us Mon, 27 Jun 2016 00:00:00 +0530 Mon, 08 Aug 2016 13:52:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330883 The High Court ruled in favor of the assessee in a tax case involving the taxability of income from interest on inter-corporate deposits. The court held that inter-corporate deposits do not qualify as loans or advances for tax assessment purposes, thereby exempting the assessee from paying interest tax under the Income Tax Act. Consequently, the penalty levied under section 13 of the Interest Tax Act was also set aside in favor of the assessee. All appeals were dismissed with no costs awarded. Case-Laws Income Tax Mon, 27 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330883