https://www.taxtmi.com/caselaws?id=7559 A State Government loan security issued on an express tax-free footing was treated as a security of the State Government under section 8 of the Income-tax Act, and the earlier binding decision on the same loan governed the reference. The court held that the interest retained its exempt character under the third proviso to section 8, and that transfer of the security to a trust did not destroy the exemption. Correspondence and surrounding circumstances confirmed the original intention that the interest would remain free of income-tax, so the assessee succeeded on both questions. en-us Mon, 30 Dec 1968 00:00:00 +0530 Wed, 25 Feb 2009 19:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7559 A State Government loan security issued on an express tax-free footing was treated as a security of the State Government under section 8 of the Income-tax Act, and the earlier binding decision on the same loan governed the reference. The court held that the interest retained its exempt character under the third proviso to section 8, and that transfer of the security to a trust did not destroy the exemption. Correspondence and surrounding circumstances confirmed the original intention that the interest would remain free of income-tax, so the assessee succeeded on both questions. Case-Laws Income Tax Mon, 30 Dec 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7559