https://www.taxtmi.com/caselaws?id=58939 Rule 1(x) of the First Schedule to the Companies Profits (Surtax) Act, 1964 excludes interest only if it is received from Government, a local authority, or an Indian concern. An "Indian concern" requires ownership, management, and control to be substantially in India; mere business operations through an Indian branch do not satisfy that test. A foreign-incorporated and non-resident bank with a branch in India therefore does not become an Indian concern solely by carrying on business in India, and the interest received from that branch cannot be excluded under rule 1(x). en-us Thu, 17 Apr 1986 00:00:00 +0530 Thu, 23 Dec 2010 12:20:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58939 Rule 1(x) of the First Schedule to the Companies Profits (Surtax) Act, 1964 excludes interest only if it is received from Government, a local authority, or an Indian concern. An "Indian concern" requires ownership, management, and control to be substantially in India; mere business operations through an Indian branch do not satisfy that test. A foreign-incorporated and non-resident bank with a branch in India therefore does not become an Indian concern solely by carrying on business in India, and the interest received from that branch cannot be excluded under rule 1(x). Case-Laws Income Tax Thu, 17 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58939