https://www.taxtmi.com/caselaws?id=24709 Under a binding bill rediscounting scheme, rediscounting charges diverted at source under an overriding title did not form part of the assessee-bank's chargeable interest under the Interest-tax Act, 1974. The scheme left the bank with only a limited retained margin, and that net amount alone represented its real income and taxable interest. The bank acted merely as an implementing conduit for the redistribution of the charges, so the gross receipt was not wholly attributable to it. Questions of agency and joint venture were unnecessary to decide. en-us Fri, 10 Jun 1988 00:00:00 +0530 Thu, 21 Jan 2010 18:16:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24709 Under a binding bill rediscounting scheme, rediscounting charges diverted at source under an overriding title did not form part of the assessee-bank's chargeable interest under the Interest-tax Act, 1974. The scheme left the bank with only a limited retained margin, and that net amount alone represented its real income and taxable interest. The bank acted merely as an implementing conduit for the redistribution of the charges, so the gross receipt was not wholly attributable to it. Questions of agency and joint venture were unnecessary to decide. Case-Laws Income Tax Fri, 10 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24709