1999 (3) TMI 39 - HC - Income Tax

Summary

The High Court of Madras dismissed the tax case petition. The court upheld the Tribunal's decision to delete certain additions to chargeable interest. The court found that the transaction between the bank and its constituents should be viewed as one integrated transaction, with only the net interest accrued to the bank being taxable. The court did not see the need to refer the matter further.