https://www.taxtmi.com/caselaws?id=17451 The court upheld the Tribunal's decision, ruling that the assessee should be assessed on the net interest received from fixed deposits after deducting the interest paid on loans taken against those deposits. The court emphasized the principle of mutual dealings and the importance of considering the substance of transactions for tax purposes. The decision favored the assessee and went against the Revenue's position. en-us Thu, 11 Jul 1996 00:00:00 +0530 Tue, 22 Sep 2009 14:10:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17451 The court upheld the Tribunal's decision, ruling that the assessee should be assessed on the net interest received from fixed deposits after deducting the interest paid on loans taken against those deposits. The court emphasized the principle of mutual dealings and the importance of considering the substance of transactions for tax purposes. The decision favored the assessee and went against the Revenue's position. Case-Laws Income Tax Thu, 11 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17451