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of <h1>Banks' Interest Income from Govt Securities Not Taxable under Interest-tax Act</h1> <h3>COMMISSIONER OF INCOME-TAX Versus CORPORATION BANK</h3> COMMISSIONER OF INCOME-TAX Versus CORPORATION BANK - [2007] 295 ITR 193 (SC) The Supreme Court of India ruled that interest earned by assessee-banks on dated Government securities is not liable to be assessed under the Interest-tax Act, 1974. The court agreed with the decisions of the Bombay High Court and dismissed the civil appeals filed by the Department. No costs were awarded.
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