https://www.taxtmi.com/caselaws?id=17549 Interest on debentures issued by a co-operative land mortgage bank was analysed by reference to its statutory and accounting character. The discussion states that, for the Interest-tax Act, such receipts are treated as relating to investments rather than loans and advances, because debentures are commonly regarded in banking practice as investment instruments. It also notes that debentures are securities in substance, but a co-operative society registered under co-operative societies law is not, by that fact alone, a corporation established by a Central, State or Provincial Act for Income-tax Act purposes. The result is that the receipt was not treated as interest on loans and advances, and it also did not qualify for exclusion as interest on securities. en-us Thu, 29 Aug 1996 00:00:00 +0530 Wed, 23 Sep 2009 12:15:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17549 Interest on debentures issued by a co-operative land mortgage bank was analysed by reference to its statutory and accounting character. The discussion states that, for the Interest-tax Act, such receipts are treated as relating to investments rather than loans and advances, because debentures are commonly regarded in banking practice as investment instruments. It also notes that debentures are securities in substance, but a co-operative society registered under co-operative societies law is not, by that fact alone, a corporation established by a Central, State or Provincial Act for Income-tax Act purposes. The result is that the receipt was not treated as interest on loans and advances, and it also did not qualify for exclusion as interest on securities. Case-Laws Income Tax Thu, 29 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17549