https://www.taxtmi.com/caselaws?id=11906 The court held that the usance interest paid was considered "interest" under the Income-tax Act, not part of the purchase price. Failure to deduct tax at source on usance interest meant it couldn't be deducted in income calculations. Usance interest was deemed interest, not part of the purchase price, and liable for income tax deduction. Usance interest was confirmed as "interest" under relevant Double Taxation Avoidance Agreements. Ship breaking activity did not qualify for deductions under sections 80HH and 80-I. The court allowed the appeals, directing respondents to pay appellants costs, rejecting appeals for Supreme Court certification and stay of order. en-us Thu, 20 Mar 2003 00:00:00 +0530 Thu, 11 Feb 2010 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11906 The court held that the usance interest paid was considered "interest" under the Income-tax Act, not part of the purchase price. Failure to deduct tax at source on usance interest meant it couldn't be deducted in income calculations. Usance interest was deemed interest, not part of the purchase price, and liable for income tax deduction. Usance interest was confirmed as "interest" under relevant Double Taxation Avoidance Agreements. Ship breaking activity did not qualify for deductions under sections 80HH and 80-I. The court allowed the appeals, directing respondents to pay appellants costs, rejecting appeals for Supreme Court certification and stay of order. Case-Laws Income Tax Thu, 20 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11906