Specification of Resurgent India Bonds as deposits confirms tax treatment for foreign currency promissory note instruments. Central Government specifies Resurgent India Bonds under section 10(15)(i) as deposits for income tax purposes, characterising them as bank instruments representing foreign currency denominated deposits issued as promissory notes by the State Bank of India, and exercising the power conferred by sub clause (i) of clause (15) of section 10 to designate them as deposits within that provision.
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.
Specification of Resurgent India Bonds as deposits confirms tax treatment for foreign currency promissory note instruments.
Central Government specifies Resurgent India Bonds under section 10(15)(i) as deposits for income tax purposes, characterising them as bank instruments representing foreign currency denominated deposits issued as promissory notes by the State Bank of India, and exercising the power conferred by sub clause (i) of clause (15) of section 10 to designate them as deposits within that provision.
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