https://www.taxtmi.com/caselaws?id=59229 Interest on bonds and debentures was treated as outside the levy of interest tax, so that receipt was excluded from charge. Interest on inter-corporate deposits was treated as falling within the inclusive definition of "interest" as interest on loans and advances, because "advance" was construed broadly and the statute did not expressly exclude such deposits; the levy was therefore upheld on that item, subject to the period already excluded up to 30-9-1991. The assessee's alternative computation claim at 3/103 was treated as a pure question of law, admitted, and remanded to the first appellate authority for fresh decision after hearing both sides. en-us Thu, 17 Jun 2004 00:00:00 +0530 Sat, 06 Jul 2024 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59229 Interest on bonds and debentures was treated as outside the levy of interest tax, so that receipt was excluded from charge. Interest on inter-corporate deposits was treated as falling within the inclusive definition of "interest" as interest on loans and advances, because "advance" was construed broadly and the statute did not expressly exclude such deposits; the levy was therefore upheld on that item, subject to the period already excluded up to 30-9-1991. The assessee's alternative computation claim at 3/103 was treated as a pure question of law, admitted, and remanded to the first appellate authority for fresh decision after hearing both sides. Case-Laws Income Tax Thu, 17 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59229