Supreme Court of India
Deputy Commissioner of Income Tax, Chennait. Jayachandran v. T. Jayachandran
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In view of the above, all the connected appeals are also disposed of accordingly.
Judgment, page 9
From the headnote
Income Tax Act, 1961 – Additional interest – Respondent, an approved broker for Indian Bank – Case of revenue was that Indian Bank raised its funds by way of receiving amount from the PSU and making fixed term deposit on higher rate of interest – In order to pay higher interest to these PSUs, the bank requested the respondent to purchase securities on its behalf – Thereafter, respondent purchased securities at a particular rate quoted by the bank and was paid commission in respect of transactions done on behalf of Indian Bank – Under instructions from Indian Bank, a portion of amount realised…
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