https://www.taxtmi.com/caselaws?id=12797 The court ruled in favor of the Revenue and against the assessee, emphasizing the taxability of gross interest receipts from banks without reducing them by interest paid on loans, especially when the loans are used for non-business purposes. The court clarified that there is no legal provision to reduce interest income by the interest paid on loans, upholding the taxability of gross interest receipts. en-us Fri, 25 Jan 2002 00:00:00 +0530 Fri, 22 May 2009 10:58:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12797 The court ruled in favor of the Revenue and against the assessee, emphasizing the taxability of gross interest receipts from banks without reducing them by interest paid on loans, especially when the loans are used for non-business purposes. The court clarified that there is no legal provision to reduce interest income by the interest paid on loans, upholding the taxability of gross interest receipts. Case-Laws Income Tax Fri, 25 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12797