Supreme Court of India
South Indian Bank Ltd. v. Commissioner of Income Tax
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
We are of the considered opinion that the High Courts have correctly interpreted the scope of Section 14A of the Act in their decisions favouring the assessees.
Judgment, page 10
From the headnote
Income Tax Act, 1961 – s.14A – Interpretation of – Assessees are scheduled banks and in course of their banking business, they also engage in the business of investments in bonds, securities and shares which earn the assessees, interests from such securities and bonds as also dividend income on investments in shares of companies and from units of UTI etc. which are tax free – Whether proportionate disallowance of interest paid by the banks is called for u/s.14A for investments made in tax free bonds/ securities which yield tax free dividend and interest to assessee Banks when assessee had…
Authorities it was built on
- 2006 S.A. Builders Ltd. v. Commissioner of Income Tax (appeals) Chandigarh and Anr.
- 2017 Godrej & Boyce Manufacturing Company Limited v. Dy. Commissioner of Income-tax & Anr.
- 2000 Rajasthan State Warehocsing Corporation v. Commissioner of Income Tax
- 2018 Maxopp Investment Ltd. v. Commissioner of Income Tax, New Delhi
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