https://www.taxtmi.com/caselaws?id=276454 Tax liability on interest on securities had to be computed strictly under the express terms of the Income-tax Act, and the Explanation to section 8 of the 1922 Act could not be extended by analogy to a co-operative society. Departmental instructions in the Income-tax Manual had no statutory force and could not create a deduction or exemption, especially after withdrawal from the relevant edition. The assessee therefore had no legal basis to reduce the taxable interest income to the lower figure claimed, and the higher amount was correctly treated as taxable. en-us Wed, 11 Jul 1962 00:00:00 +0530 Mon, 12 Nov 2018 14:11:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276454 Tax liability on interest on securities had to be computed strictly under the express terms of the Income-tax Act, and the Explanation to section 8 of the 1922 Act could not be extended by analogy to a co-operative society. Departmental instructions in the Income-tax Manual had no statutory force and could not create a deduction or exemption, especially after withdrawal from the relevant edition. The assessee therefore had no legal basis to reduce the taxable interest income to the lower figure claimed, and the higher amount was correctly treated as taxable. Case-Laws Income Tax Wed, 11 Jul 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276454