https://www.taxtmi.com/caselaws?id=35017 Interest on bonds and debentures held as investments was held outside the charging definition of "interest" under the Interest Tax Act, 1974, because that definition was confined to interest on loans and advances, with only specifically added items such as commitment charges and discount on promissory notes and bills of exchange. The assessee therefore was not liable to interest tax on such investment income. A residuary non-banking company was also held not to fall, for the relevant assessment year, within the pre-amendment definitions of "credit institution" or "financial company"; the expression "miscellaneous finance company" was construed as covering companies carrying on two or more specified classes of finance business, not entities merely required by regulation to accept deposits and make investments. en-us Tue, 24 Nov 2009 00:00:00 +0530 Thu, 19 Nov 2015 09:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35017 Interest on bonds and debentures held as investments was held outside the charging definition of "interest" under the Interest Tax Act, 1974, because that definition was confined to interest on loans and advances, with only specifically added items such as commitment charges and discount on promissory notes and bills of exchange. The assessee therefore was not liable to interest tax on such investment income. A residuary non-banking company was also held not to fall, for the relevant assessment year, within the pre-amendment definitions of "credit institution" or "financial company"; the expression "miscellaneous finance company" was construed as covering companies carrying on two or more specified classes of finance business, not entities merely required by regulation to accept deposits and make investments. Case-Laws Income Tax Tue, 24 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35017