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1965 (11) TMI 40 - SC - Income TaxWhether, on the facts and circumstances of the case, the Tribunal was right in holding that the Explanation to section 8 is not applicable in this case and that the entire interest of ₹ 44,720 earned by the assessee from securities issued by the former Native States, etc., is entitled to rebate of income-tax? Held that:- Though the point of time from which the exemption works is when it is received within the territories of the State of Travancore-Cochin, what is exempted is the interest receivable." Interest receivable " can only mean the amount of interest calculated as per the terms of the securities. It cannot obviously mean interest receivable minus the amount spent in receiving the same. We, therefore, hold agreeing with the High Court, that no income-tax is payable in respect of the entire interest of ₹ 44,720 earned by the assessee from securities issued by the former Native States. Appeal dismissed.
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