https://www.taxtmi.com/caselaws?id=22698 The court ruled in favor of the assessee, holding that rediscounting charges paid to the Industrial Development Bank of India by a banking company should be allowed as deductions from gross receipts and not included in chargeable interest. However, the court declined to address the inclusion of commission received on the purchase of inland bills in chargeable interest due to insufficient reasoning provided by the Tribunal, directing a reconsideration with detailed explanations. en-us Mon, 17 Sep 1990 00:00:00 +0530 Sat, 12 Dec 2009 13:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22698 The court ruled in favor of the assessee, holding that rediscounting charges paid to the Industrial Development Bank of India by a banking company should be allowed as deductions from gross receipts and not included in chargeable interest. However, the court declined to address the inclusion of commission received on the purchase of inland bills in chargeable interest due to insufficient reasoning provided by the Tribunal, directing a reconsideration with detailed explanations. Case-Laws Income Tax Mon, 17 Sep 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22698