Interest on securities now defined to include government securities and debentures issued by local authorities or companies. Amendment inserts a statutory definition of interest on securities into section 2 of the Income-tax Act, defining it to include interest on any security of the Central or State Government and interest on debentures or other securities for money issued by or on behalf of a local authority, a company, or a statutory corporation, thereby fixing the scope of receipts treated as interest on securities for direct tax purposes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on securities now defined to include government securities and debentures issued by local authorities or companies.
Amendment inserts a statutory definition of interest on securities into section 2 of the Income-tax Act, defining it to include interest on any security of the Central or State Government and interest on debentures or other securities for money issued by or on behalf of a local authority, a company, or a statutory corporation, thereby fixing the scope of receipts treated as interest on securities for direct tax purposes.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
