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2006 (9) TMI 109 - HC - Income TaxAmount of liquidated damages received by the assessee (bank) by way of compensation on account of delay in payments beyond the days of grace is “interest” includible in the chargeable interest for the calculation of interest tax - held that discounting of bills is a form of advance or loan and hence compensation paid on delayed payment of money due thereon is interest on loans and advances - we answer the question in favour of the Revenue and against the assessee
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