https://www.taxtmi.com/caselaws?id=197300 The court allowed both Tax Appeal No. 157 of 2000 and Tax Appeal No. 328 of 2000. The payer company was granted the full deduction of interest paid in the year of payment, while the entire interest income received by the individual assessee was deemed taxable in the year of receipt. The court emphasized adherence to the terms of the contract for tax treatment, directing refunds for any proportionate tax paid in subsequent years to prevent double taxation. en-us Thu, 21 Apr 2005 00:00:00 +0530 Tue, 02 Jan 2018 11:12:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197300 The court allowed both Tax Appeal No. 157 of 2000 and Tax Appeal No. 328 of 2000. The payer company was granted the full deduction of interest paid in the year of payment, while the entire interest income received by the individual assessee was deemed taxable in the year of receipt. The court emphasized adherence to the terms of the contract for tax treatment, directing refunds for any proportionate tax paid in subsequent years to prevent double taxation. Case-Laws Income Tax Thu, 21 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197300