2001 (2) TMI 10 - SUPREME COURT

If the assessee had taken a loan from another bank and paid interest thereon his real income would not diminish to the extent thereof - There is no difference in the eye of the law that he took the loan from the same bank in which he had fixed deposit - Held that interest received from the bank was income in assessee's hands - amount paid by the assessee as interest on the loan that he took from the bank did not reduce his income by way of interest on the fixed deposit by him in the bank