https://www.taxtmi.com/caselaws?id=57750 Interest on Government securities and similar securities is not chargeable to interest-tax under the Interest-tax Act, 1991 when the statutory definition of "interest" is exhaustive and covers only interest on loans and advances with specified additions. Securities are legally and commercially distinct from loans and advances: they are investment instruments, transferable in nature, and treated separately in banking and related statutory frameworks. The omission of securities from the 1991 definition was therefore material, and interest on securities could not be brought within the charging net by analogy or by recharacterisation. The assessees' receipts from such securities were accordingly outside the tax base. en-us Wed, 27 Aug 1997 00:00:00 +0530 Sun, 06 Feb 2011 03:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57750 Interest on Government securities and similar securities is not chargeable to interest-tax under the Interest-tax Act, 1991 when the statutory definition of "interest" is exhaustive and covers only interest on loans and advances with specified additions. Securities are legally and commercially distinct from loans and advances: they are investment instruments, transferable in nature, and treated separately in banking and related statutory frameworks. The omission of securities from the 1991 definition was therefore material, and interest on securities could not be brought within the charging net by analogy or by recharacterisation. The assessees' receipts from such securities were accordingly outside the tax base. Case-Laws Income Tax Wed, 27 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57750