https://www.taxtmi.com/caselaws?id=13649 The court upheld the decision to disallow the addition of interest on delayed payment of shares to the assessee's taxable interest income. It was determined that the interest received on delayed payments of shares did not fall under the definition of interest on loans and advances as per section 2(7) of the Interest-tax Act. The court emphasized that equity investments do not qualify as loans or advances under the Act, and therefore, the interest on delayed payment of shares could not be considered as interest on loans and advances. en-us Tue, 13 Feb 2007 00:00:00 +0530 Sat, 30 May 2009 17:53:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13649 The court upheld the decision to disallow the addition of interest on delayed payment of shares to the assessee's taxable interest income. It was determined that the interest received on delayed payments of shares did not fall under the definition of interest on loans and advances as per section 2(7) of the Interest-tax Act. The court emphasized that equity investments do not qualify as loans or advances under the Act, and therefore, the interest on delayed payment of shares could not be considered as interest on loans and advances. Case-Laws Income Tax Tue, 13 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13649