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2008 (2) TMI 415 - HC - Indian LawsTax on Interest on securities as per the provisions of the Interest-tax Act, 1974 – held that - that there is a basic difference between loans and advances on the one hand and investment/securities on the other hand. This difference is indicated in the Income-tax Act, the Companies Act as well as the Banking Regulation Act - interest earned by the banks on dated Government securities is not liable to interest-tax under section 2(7) read with section 4 of the Interest Act, 1974 - question of law as formulated in the appeal has to be answered in favour of the assessee and against the Revenue
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