2002 (10) TMI 44

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....the instance of the assessee is: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is justified in holding that the 'excess' interest taken into account with reference to the loan to the clients over and above the amount permitted under law as per the directions of the Reserve Bank of India is exigible to tax under the Interest-tax Act ?" The assessment years a....

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....educing the interest income for the earlier years on the ground that interest that had been charged by it was excessive, and was part of what had been subsequently refunded was rejected by the Assessing Officer, the Commissioner as also the Tribunal. The assessee admittedly had received the interest in these assessment years. That receipt falls squarely within the computation of chargeable inter....