https://www.taxtmi.com/caselaws?id=49295 A notification granting exemption from income-tax on interest receivable from specified securities was treated as a self-contained exemption provision. Its language was construed to cover the full contractual interest, subject only to the stated territorial conditions, and not the net amount after deducting expenditure incurred in collection. Section 8 deductions could not be imported to reduce the exemption unless the notification itself so provided. Although the exempt interest remained includible in total income for section 16 purposes, that did not limit the scope of the exemption. The entire interest amount was therefore exempt on the notification's own terms. en-us Tue, 23 Nov 1965 00:00:00 +0530 Mon, 18 Aug 2014 22:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49295 A notification granting exemption from income-tax on interest receivable from specified securities was treated as a self-contained exemption provision. Its language was construed to cover the full contractual interest, subject only to the stated territorial conditions, and not the net amount after deducting expenditure incurred in collection. Section 8 deductions could not be imported to reduce the exemption unless the notification itself so provided. Although the exempt interest remained includible in total income for section 16 purposes, that did not limit the scope of the exemption. The entire interest amount was therefore exempt on the notification's own terms. Case-Laws Income Tax Tue, 23 Nov 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49295