https://www.taxtmi.com/caselaws?id=37200 Transaction concerns interest earned on deposits and interest payable on a foreign exchange loan where deposits were contemporaneously placed with banks to the order of the lender. Documentary evidence shows temporary control by the lender over deposited funds, but the transactions were not so integrated as to form a single composite arrangement. The payment of interest to the lender is not allowable as a set-off against interest income under the applicable tax provision; the claim for deduction by treating the deposit and loan as one integrated transaction is rejected. en-us Fri, 14 Jul 1978 00:00:00 +0530 Fri, 23 Jan 2026 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37200 Transaction concerns interest earned on deposits and interest payable on a foreign exchange loan where deposits were contemporaneously placed with banks to the order of the lender. Documentary evidence shows temporary control by the lender over deposited funds, but the transactions were not so integrated as to form a single composite arrangement. The payment of interest to the lender is not allowable as a set-off against interest income under the applicable tax provision; the claim for deduction by treating the deposit and loan as one integrated transaction is rejected. Case-Laws Income Tax Fri, 14 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37200