Meaning of tax terms

Meaning of “Interest”

Posted on by Prashant Thakur

Case Name : CIT  Vs. Vijay Ship Breaking Corpn.

Citation :[2003] 129 TAXMAN 120/261 ITR 113 (GUJ.)

Court : Gujarat High Court

Section : 2(28A)

Meaning : The meaning of the word ‘interest’ is very wide and would include interest on unpaid purchase price, payable in any manner which would include interest payable by means of irrevocable letter of credit.

Prashant Thakur

The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.

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