https://www.taxtmi.com/caselaws?id=376039 The court ruled in favor of the assessee regarding liability to interest tax on interest from debentures, citing precedent that the Interest Tax Act does not apply to such interest. However, the court sided with the Revenue on the liability to pay interest tax on the interest received on a loan made to a broker for investment purposes. The court differentiated between a trading advance and a loan, deeming the amount retained with the broker as a loan subject to interest tax. The appeal was partially allowed, with each party bearing their own costs. en-us Mon, 04 Feb 2019 00:00:00 +0530 Fri, 01 Mar 2019 13:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376039 The court ruled in favor of the assessee regarding liability to interest tax on interest from debentures, citing precedent that the Interest Tax Act does not apply to such interest. However, the court sided with the Revenue on the liability to pay interest tax on the interest received on a loan made to a broker for investment purposes. The court differentiated between a trading advance and a loan, deeming the amount retained with the broker as a loan subject to interest tax. The appeal was partially allowed, with each party bearing their own costs. Case-Laws Income Tax Mon, 04 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376039