https://www.taxtmi.com/caselaws?id=5524 The Supreme Court held that forfeited margin money by a bank should be treated as income earned during normal banking operations. The bank's practice of taking margin money before purchasing securities was integral to its profit-making process. The Court ruled that the bank's income would arise upon selling or redeeming the securities and that the cost of securities should not be reduced by forfeited margin money. The Court allowed the appeal, setting aside the High Court's judgment, and answered the question in the negative, favoring the Revenue. en-us Wed, 08 May 1996 00:00:00 +0530 Fri, 01 Sep 2023 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5524 The Supreme Court held that forfeited margin money by a bank should be treated as income earned during normal banking operations. The bank's practice of taking margin money before purchasing securities was integral to its profit-making process. The Court ruled that the bank's income would arise upon selling or redeeming the securities and that the cost of securities should not be reduced by forfeited margin money. The Court allowed the appeal, setting aside the High Court's judgment, and answered the question in the negative, favoring the Revenue. Case-Laws Income Tax Wed, 08 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5524