https://www.taxtmi.com/caselaws?id=11881 Under the Unit Trust of India Act, 1963, income distributed to an initial contributor is treated as dividend, so the State Bank of India's receipt qualified for deduction under section 80M. Amounts credited to a bank suspense account were not taxable in the relevant assessment year under settled principles on income recognition, while amounts in the interest suspense account were taxable in that year under the principles governing interest income in banking matters. A subsidy paid by the bank to subsidiary branches was treated as revenue expenditure and allowed as a business deduction, following the court's earlier ruling on the same expenditure pattern. The references were answered substantially in favour of the assessee on all points. en-us Wed, 19 Mar 2003 00:00:00 +0530 Wed, 10 Feb 2010 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11881 Under the Unit Trust of India Act, 1963, income distributed to an initial contributor is treated as dividend, so the State Bank of India's receipt qualified for deduction under section 80M. Amounts credited to a bank suspense account were not taxable in the relevant assessment year under settled principles on income recognition, while amounts in the interest suspense account were taxable in that year under the principles governing interest income in banking matters. A subsidy paid by the bank to subsidiary branches was treated as revenue expenditure and allowed as a business deduction, following the court's earlier ruling on the same expenditure pattern. The references were answered substantially in favour of the assessee on all points. Case-Laws Income Tax Wed, 19 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11881