https://www.taxtmi.com/caselaws?id=33355 The High Court of Kerala ruled that interest on Government securities is not taxable under the Interest-tax Act, 1974, following its amendment in 1991. The court held that the amendment did not intend to tax interest from securities, as they do not fall under the Act's definition of taxable interest. Despite the 1993 amendment deleting the exclusion clause for "interest on securities," the court emphasized that it was to align with changes in the Income-tax Act and not to introduce tax on Government securities' income. The court dismissed all appeals by the Revenue, affirming that interest on Government securities remains non-taxable under the Act. en-us Tue, 04 Mar 2008 00:00:00 +0530 Fri, 16 Sep 2011 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33355 The High Court of Kerala ruled that interest on Government securities is not taxable under the Interest-tax Act, 1974, following its amendment in 1991. The court held that the amendment did not intend to tax interest from securities, as they do not fall under the Act's definition of taxable interest. Despite the 1993 amendment deleting the exclusion clause for "interest on securities," the court emphasized that it was to align with changes in the Income-tax Act and not to introduce tax on Government securities' income. The court dismissed all appeals by the Revenue, affirming that interest on Government securities remains non-taxable under the Act. Case-Laws Income Tax Tue, 04 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33355