https://www.taxtmi.com/caselaws?id=460331 The SC upheld the HC's rulings in favor of the assessee bank on several tax-related issues. It affirmed that deductible expenditures for banking companies under Section 20(1)(i) are not restricted by Sections 40A(3), 40A(5), and 44C of the Income Tax Act. Interest received on securities should be taxed as 'interest on securities', not 'income from Business'. Broken period interest on securities should not be part of the cost price but is deductible. Expenses should be apportioned correctly, and Section 44C applies only to business income. The SC consistently favored the assessee, dismissing the revenue's arguments. en-us Tue, 12 Aug 2008 00:00:00 +0530 Mon, 20 Jan 2025 12:39:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460331 The SC upheld the HC's rulings in favor of the assessee bank on several tax-related issues. It affirmed that deductible expenditures for banking companies under Section 20(1)(i) are not restricted by Sections 40A(3), 40A(5), and 44C of the Income Tax Act. Interest received on securities should be taxed as 'interest on securities', not 'income from Business'. Broken period interest on securities should not be part of the cost price but is deductible. Expenses should be apportioned correctly, and Section 44C applies only to business income. The SC consistently favored the assessee, dismissing the revenue's arguments. Case-Laws Income Tax Tue, 12 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460331