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of <h1>Banks' Interest Income from Govt Securities Not Taxable under Interest-tax Act</h1> The SC held that interest earned by assessee-banks on dated Government securities is not assessable under the Interest-tax Act, 1974, affirming the Bombay ... Interest tax – Question arises whether interest earned by the assessee-banks on dated Government securities was liable to be assessed u/s 2(7) read with Section 4 of the ITA,1974 – Held that not chargeable to interest tax 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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