https://www.taxtmi.com/caselaws?id=13541 Under a refinancing or rediscounting scheme, interest diverted at source to the Reserve Bank of India and the Industrial Development Bank of India by an overriding title did not accrue to the assessee-bank. The bank acted only as a conduit and could retain only the portion of discounting charges actually allowed to it. Accordingly, only the amount retained by the bank formed part of its chargeable interest under the Interest-tax Act, 1974, and the diverted amount was excluded from tax computation. en-us Thu, 01 Aug 2002 00:00:00 +0530 Fri, 29 May 2009 15:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13541 Under a refinancing or rediscounting scheme, interest diverted at source to the Reserve Bank of India and the Industrial Development Bank of India by an overriding title did not accrue to the assessee-bank. The bank acted only as a conduit and could retain only the portion of discounting charges actually allowed to it. Accordingly, only the amount retained by the bank formed part of its chargeable interest under the Interest-tax Act, 1974, and the diverted amount was excluded from tax computation. Case-Laws Income Tax Thu, 01 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13541