https://www.taxtmi.com/caselaws?id=17456 The court ruled in favor of the assessee, a bank, in a case involving the exclusion of interest on overdue bills and interest earned on refinancing operations from chargeable interest under the Interest-tax Act, 1974. The court held that the amount collected on overdue bills did not qualify as chargeable interest as it was considered compensation for default under the Negotiable Instruments Act, distinct from loans and advances. Similarly, the interest earned on refinancing operations was deemed not chargeable interest as the bank acted solely as a collecting agent for another entity. The judgment favored the assessee against the Revenue, with directions to forward the decision to the Income-tax Appellate Tribunal, Cochin Bench. en-us Mon, 07 Oct 1996 00:00:00 +0530 Tue, 22 Sep 2009 14:58:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17456 The court ruled in favor of the assessee, a bank, in a case involving the exclusion of interest on overdue bills and interest earned on refinancing operations from chargeable interest under the Interest-tax Act, 1974. The court held that the amount collected on overdue bills did not qualify as chargeable interest as it was considered compensation for default under the Negotiable Instruments Act, distinct from loans and advances. Similarly, the interest earned on refinancing operations was deemed not chargeable interest as the bank acted solely as a collecting agent for another entity. The judgment favored the assessee against the Revenue, with directions to forward the decision to the Income-tax Appellate Tribunal, Cochin Bench. Case-Laws Income Tax Mon, 07 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17456