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2008 (8) TMI 122 - HC - Income TaxWhether the interest/penal interest, charged by the Bank, on delayed payment of installments, in recurring deposit account, by the depositor, can be subjected to levy of tax, under the provisions of Interest Tax Act, 1974 – held that, it cannot be said, that the interest or penal interest, charged by the assessee, on the delayed payment of installments, by the depositors of the recurring deposit accounts, is exigible to tax, under the provisions of I.T. Act, 1974 – revenue’s appeal dismissed
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