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of <h1>Supreme Court Supports Assessee: Section 40A(5) Applied Correctly, Interest on Securities Taxed Separately, Appeal Dismissed.</h1> <h3>Commissioner of Income Tax, Bombay City Versus Citi Bank N.A., Mumbai</h3> Commissioner of Income Tax, Bombay City Versus Citi Bank N.A., Mumbai - [2024] 469 ITR 414 (SC) In the Supreme Court of India case, citation 2008 (8) TMI 1044 - SC Order, the bench consisting of Justices Ashok Bhan and V. S. Sirpurkar addressed two primary legal questions. The first question was whether the High Court correctly applied Section 40A(5) of the Income Tax Act only to the portion of salary and perquisites expenses apportioned under 'Profits and Gains of Business' and not to those under 'Interest on Securities'. The second question was whether the interest received by the assessee bank from the sale of securities should be taxed as 'interest on securities' rather than 'profits and gains from business'.The Supreme Court, referencing its reasoning in Civil Appeal No. 1533 of 2006, ruled in favor of the assessee on both questions, thereby dismissing the appeal and allowing each party to bear its own costs.
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