https://www.taxtmi.com/caselaws?id=8888 A rebate notification granting relief on "interest receivable" from tax-free securities was construed according to its own terms, and the phrase was held to mean the full contractual interest stipulated by the securities. The rebate therefore applied to the gross amount of interest, not to a net figure reduced by borrowing costs or collection expenses. Once the notification was treated as governing the field, the separate computation argument under the Income-tax Act provisions did not survive. The legal effect is that exemption or rebate under the notification must be worked out on gross interest receivable, subject to any factual determination on whether a security became chargeable in the relevant period. en-us Mon, 25 Sep 1972 00:00:00 +0530 Tue, 16 Jun 2009 19:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8888 A rebate notification granting relief on "interest receivable" from tax-free securities was construed according to its own terms, and the phrase was held to mean the full contractual interest stipulated by the securities. The rebate therefore applied to the gross amount of interest, not to a net figure reduced by borrowing costs or collection expenses. Once the notification was treated as governing the field, the separate computation argument under the Income-tax Act provisions did not survive. The legal effect is that exemption or rebate under the notification must be worked out on gross interest receivable, subject to any factual determination on whether a security became chargeable in the relevant period. Case-Laws Income Tax Mon, 25 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8888