9911796707
TMI Blog2002 (10) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... the directions of the Reserve Bank of India is exigible to tax under the Interest-tax Act ?" Tribunal has rightly rejected the assessee's contention. The question referred to us is therefore, required to be and is answered in favour of the Revenue and against the assessee. - - - - - Dated:- 1-10-2002 - Judge(s) : R. JAYASIMHA BABU., K. RAVIRAJA PANDIAN. JUDGMENT The judgment of the court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t earned by way of income from that borrower for these years to a rate less than the one that had been charged and collected. According to it even though the interest should have been charged only at the rate of 12.5 per cent. it had charged and collected interest at a higher rate. The amount which the assessee admitted to be excess interest charged was however credited to the account of its custo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the concerned customer long after the close of these assessment years. The assessee is entitled to the deduction in the year in which the credit was so made. The appellate authority has rightly held that the amount credited as excess interest accrued which was credited in October, 1985, would entitle the assessee to claim the same as a deduction in the assessment year 1986-87. The amount so credi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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