https://www.taxtmi.com/caselaws?id=56646 The appeals were partly allowed. The interest from Banarasidas Ramgopal was to be taxed on a receipt basis, adhering to the cash system of accounting followed by the assessee. However, the exemption under Section 11 was denied due to the application of Section 13(1)(c) and Section 13(2)(a), as the loan was not backed by adequate security, even though it carried adequate interest. en-us Mon, 13 Jan 1986 00:00:00 +0530 Mon, 06 Dec 2010 11:01:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56646 The appeals were partly allowed. The interest from Banarasidas Ramgopal was to be taxed on a receipt basis, adhering to the cash system of accounting followed by the assessee. However, the exemption under Section 11 was denied due to the application of Section 13(1)(c) and Section 13(2)(a), as the loan was not backed by adequate security, even though it carried adequate interest. Case-Laws Income Tax Mon, 13 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56646