https://www.taxtmi.com/caselaws?id=8889 An exemption notification governing tax-free securities must be construed on its own language. The phrase "interest receivable" refers to the full contractual interest payable on the securities, so rebate is computed on the gross interest and not on a net figure reduced by proportionate borrowing or collection expenses. Computation provisions invoked by the Revenue cannot narrow the scope of the exemption granted by the notification. On that construction, rebate remained admissible on the entire interest receivable, and the assessee succeeded on the issue. en-us Mon, 25 Sep 1972 00:00:00 +0530 Tue, 16 Jun 2009 20:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8889 An exemption notification governing tax-free securities must be construed on its own language. The phrase "interest receivable" refers to the full contractual interest payable on the securities, so rebate is computed on the gross interest and not on a net figure reduced by proportionate borrowing or collection expenses. Computation provisions invoked by the Revenue cannot narrow the scope of the exemption granted by the notification. On that construction, rebate remained admissible on the entire interest receivable, and the assessee succeeded on the issue. Case-Laws Income Tax Mon, 25 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8889