https://www.taxtmi.com/caselaws?id=28180 Interest on loans advanced to debtor-companies was treated as accruing where the money was actually lent and where the corresponding right to repayment and liability to pay interest arose. In the absence of any agreed place of repayment, the debtor-seeks-creditor principle applied, and the territorial nexus at Bhilwara was accepted as substantial because the loans were advanced there through purchasing agents. The Tribunal's view that the connection was illusory was rejected on the facts found, and the income was held to have accrued in Part B State rather than Part C State for taxability and concessional treatment. en-us Fri, 19 Aug 1983 00:00:00 +0530 Fri, 19 Feb 2010 15:00:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28180 Interest on loans advanced to debtor-companies was treated as accruing where the money was actually lent and where the corresponding right to repayment and liability to pay interest arose. In the absence of any agreed place of repayment, the debtor-seeks-creditor principle applied, and the territorial nexus at Bhilwara was accepted as substantial because the loans were advanced there through purchasing agents. The Tribunal's view that the connection was illusory was rejected on the facts found, and the income was held to have accrued in Part B State rather than Part C State for taxability and concessional treatment. Case-Laws Income Tax Fri, 19 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28180