Interest-tax Act, 1974
Section 28: Power to exempt
Where the Central Government is of the opinion that it is necessary or expedient so to do either in the public interest or having regard to the peculiar circumstances of the case, it may, by notification, and subject to conditions, if any, as may be specified in the notification, exempt [any credit institution or any class of credit institutions or any interest on any category of loans or advances] from the levy of interest-tax:
Provided that no such exemption shall be made except on the recommendation of the Reserve Bank of India.
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 28
No Supreme Court judgment in our database cites this section yet.