Interest from bank investments in non SLR securities treated as business income, department will not pursue or file appeals. Interest on non SLR securities held by banks constitutes income attributable to the business of banking and therefore falls under Profits and Gains of Business and Profession, following the Supreme Court principle that bank investments are part of banking business. Consequently, the tax department directs that no appeals should be filed asserting such interest as income from other sources and that existing appeals on that ground may be withdrawn.
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 from bank investments in non SLR securities treated as business income, department will not pursue or file appeals.
Interest on non SLR securities held by banks constitutes income attributable to the business of banking and therefore falls under Profits and Gains of Business and Profession, following the Supreme Court principle that bank investments are part of banking business. Consequently, the tax department directs that no appeals should be filed asserting such interest as income from other sources and that existing appeals on that ground may be withdrawn.
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