https://www.taxtmi.com/caselaws?id=28398 The High Court of Madhya Pradesh ruled that income from agency commission and interest on deposits was taxable and not exempt under s. 10(29) of the Income-tax Act, 1961. The Court affirmed the denial of exemption by the ITO, Commissioner (Appeals), and Income-tax Appellate Tribunal. Additionally, the Court upheld the disallowance of deduction for interest payments against interest income, as there was no direct nexus between the interest paid and interest earned. The assessee's claims were rejected, and each party was directed to bear their own costs for the reference. en-us Tue, 23 Nov 1982 00:00:00 +0530 Mon, 22 Feb 2010 12:25:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28398 The High Court of Madhya Pradesh ruled that income from agency commission and interest on deposits was taxable and not exempt under s. 10(29) of the Income-tax Act, 1961. The Court affirmed the denial of exemption by the ITO, Commissioner (Appeals), and Income-tax Appellate Tribunal. Additionally, the Court upheld the disallowance of deduction for interest payments against interest income, as there was no direct nexus between the interest paid and interest earned. The assessee's claims were rejected, and each party was directed to bear their own costs for the reference. Case-Laws Income Tax Tue, 23 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28398