https://www.taxtmi.com/caselaws?id=9542 The High Court of Madras upheld the decision of the Income-tax Appellate Tribunal, ruling that interest received from various securities by a scheduled bank, including Government securities, tax-free investments, bonds, treasury bills, and an investment deposit scheme, would not be subject to tax under the Interest-tax Act for the assessment year 1995-96. The Court emphasized that interest on dated Government securities did not constitute 'interest on loans and advances' under the Act and clarified that taxing such interest would indirectly tax the Reserve Bank of India, which was impermissible. The appeal by the Revenue was dismissed, with no costs awarded. en-us Wed, 26 Oct 2005 00:00:00 +0530 Sat, 27 Jun 2009 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9542 The High Court of Madras upheld the decision of the Income-tax Appellate Tribunal, ruling that interest received from various securities by a scheduled bank, including Government securities, tax-free investments, bonds, treasury bills, and an investment deposit scheme, would not be subject to tax under the Interest-tax Act for the assessment year 1995-96. The Court emphasized that interest on dated Government securities did not constitute 'interest on loans and advances' under the Act and clarified that taxing such interest would indirectly tax the Reserve Bank of India, which was impermissible. The appeal by the Revenue was dismissed, with no costs awarded. Case-Laws Income Tax Wed, 26 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9542