https://www.taxtmi.com/caselaws?id=20966 The High Court held that the adjustment of the foreign exchange loan amount by the Indian company as 'calls received in advance' altered the character of the loan, rendering the interest accrued on it ineligible for tax exemption under section 10(15)(iv)(c) of the Income-tax Act. The Court concluded that the adjustment changed the original nature of the debt, making it no longer qualify for the exemption. As a result, the Court ruled in favor of the Revenue, denying the assessee's claim for tax exemption on the interest accrued. en-us Thu, 26 Nov 1992 00:00:00 +0530 Wed, 18 Nov 2009 13:10:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20966 The High Court held that the adjustment of the foreign exchange loan amount by the Indian company as 'calls received in advance' altered the character of the loan, rendering the interest accrued on it ineligible for tax exemption under section 10(15)(iv)(c) of the Income-tax Act. The Court concluded that the adjustment changed the original nature of the debt, making it no longer qualify for the exemption. As a result, the Court ruled in favor of the Revenue, denying the assessee's claim for tax exemption on the interest accrued. Case-Laws Income Tax Thu, 26 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20966