https://www.taxtmi.com/caselaws?id=15488 The Madras HC upheld deletion of an addition of chargeable interest under the Interest-tax Act where prior decisions had already settled the treatment and no contrary authority had displaced that position. It also held that a lending and refinancing structure involving the bank, financing corporations and ultimate borrowers was a single integrated transaction, so the bank acted only as an intermediary for the portion contractually payable onward and was taxable only on the net interest actually accruing to it. As the Revenue failed to show any referable question of law, the tax case petition was dismissed. en-us Mon, 15 Mar 1999 00:00:00 +0530 Thu, 06 Aug 2009 18:39:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15488 The Madras HC upheld deletion of an addition of chargeable interest under the Interest-tax Act where prior decisions had already settled the treatment and no contrary authority had displaced that position. It also held that a lending and refinancing structure involving the bank, financing corporations and ultimate borrowers was a single integrated transaction, so the bank acted only as an intermediary for the portion contractually payable onward and was taxable only on the net interest actually accruing to it. As the Revenue failed to show any referable question of law, the tax case petition was dismissed. Case-Laws Income Tax Mon, 15 Mar 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15488