https://www.taxtmi.com/caselaws?id=24443 Excess interest credited to a member of a recognised provident fund, deemed as salary under rule 6(b) of Part A of the Fourth Schedule read with section 17(1)(vi), cannot be recharacterised as interest income eligible for deduction under section 80L of the Income-tax Act, 1961. The fund's trustees held the invested monies as legal owners for the employees' benefit, not as agents of the assessee, so the assessee could not claim the deduction on that amount. The excess interest therefore fell outside section 80L, and the deduction claim failed. en-us Tue, 24 Jan 1989 00:00:00 +0530 Sun, 02 May 2010 23:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24443 Excess interest credited to a member of a recognised provident fund, deemed as salary under rule 6(b) of Part A of the Fourth Schedule read with section 17(1)(vi), cannot be recharacterised as interest income eligible for deduction under section 80L of the Income-tax Act, 1961. The fund's trustees held the invested monies as legal owners for the employees' benefit, not as agents of the assessee, so the assessee could not claim the deduction on that amount. The excess interest therefore fell outside section 80L, and the deduction claim failed. Case-Laws Income Tax Tue, 24 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24443