https://www.taxtmi.com/caselaws?id=19593 Interest received under a transfer arrangement was held not to be chargeable interest in the hands of the assessee-bank because the bank acted only as a collecting agent and retained service charges, while the interest itself accrued to the transferor corporation. Applying section 5 of the Interest-tax Act, 1974, the court reasoned that chargeable interest must accrue or arise to the credit of the institution sought to be taxed. As the disputed sum was not the bank's own interest income, it could not be assessed against the bank under the Act. en-us Tue, 01 Nov 1994 00:00:00 +0530 Sat, 07 Nov 2009 12:04:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19593 Interest received under a transfer arrangement was held not to be chargeable interest in the hands of the assessee-bank because the bank acted only as a collecting agent and retained service charges, while the interest itself accrued to the transferor corporation. Applying section 5 of the Interest-tax Act, 1974, the court reasoned that chargeable interest must accrue or arise to the credit of the institution sought to be taxed. As the disputed sum was not the bank's own interest income, it could not be assessed against the bank under the Act. Case-Laws Income Tax Tue, 01 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19593