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of <h1>SC Upholds HC Decision: Interest on Bad Debts Not Taxable; Favors Assessee for 1985-87 Assessment Years.</h1> <h3>Commissioner of Income Tax, Bombay Versus Standard Chartered Bank</h3> The SC dismissed the revenue's appeal, upholding the HC's decision favoring the assessee for the assessment years 1985-86 and 1986-87. The SC affirmed ... - In the Supreme Court of India case citation 2008 (8) TMI 1046 - SC Order, the revenue appealed against the High Court's decision favoring the assessee for the assessment years 1985-86 and 1986-87. The Supreme Court addressed two primary questions:1. The first question concerned whether the interest on bad and doubtful debts is taxable despite the Supreme Court's decision in State Bank of Travancore (158 ITR 102), considering the CBDT circular dated 9/10/1984. The High Court ruled in favor of the assessee, supported by the precedent set in UCO Bank vs. Commissioner of Income Tax (237 ITR 889). The Supreme Court affirmed this decision, siding with the assessee.2. The second question involved the deletion of additions made for interest paid on the broken period of Government Securities held by the assessee. The Supreme Court also ruled in favor of the assessee, referencing its order in Civil Appeal No.1549 of 2006.The Supreme Court dismissed the appeal, with each party bearing its own costs, thereby upholding the High Court's decision in favor of the assessee on both questions.
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