https://www.taxtmi.com/caselaws?id=186600 The Court held that the additional interest collected by the financial institution from customers for loans advanced was not chargeable under Section 26C of the Interest-tax Act, 1974. The Court found that the institution collected amounts from borrowers based on contractual obligations, not solely under Section 26C, and maintained separate accounts for these collections. Therefore, the Court ruled in favor of the assessee, dismissing the Revenue's appeals and determining that the collected amounts were not considered "interest" under the Act and were not chargeable interest. en-us Fri, 11 Apr 2008 00:00:00 +0530 Fri, 23 Sep 2016 15:15:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186600 The Court held that the additional interest collected by the financial institution from customers for loans advanced was not chargeable under Section 26C of the Interest-tax Act, 1974. The Court found that the institution collected amounts from borrowers based on contractual obligations, not solely under Section 26C, and maintained separate accounts for these collections. Therefore, the Court ruled in favor of the assessee, dismissing the Revenue's appeals and determining that the collected amounts were not considered "interest" under the Act and were not chargeable interest. Case-Laws Income Tax Fri, 11 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186600