https://www.taxtmi.com/caselaws?id=787095 Whether interest payable to a bank included in the Second Schedule to the Reserve Bank of India Act qualifies as interest to a scheduled bank for the purposes of disallowance under Section 43B is answered by applying Explanation 4 and the Explanation to clause (iii) of Section 11(5): a bank included in the Second Schedule for the assessment year qualifies as a scheduled bank, and interest payable to it is allowable only when actually paid on or before the due date of filing the return; accordingly, unpaid interest by that date is disallowable and the appellate deletion is set aside. en-us Mon, 23 Feb 2026 00:00:00 +0530 Thu, 26 Feb 2026 07:35:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787095 Whether interest payable to a bank included in the Second Schedule to the Reserve Bank of India Act qualifies as interest to a scheduled bank for the purposes of disallowance under Section 43B is answered by applying Explanation 4 and the Explanation to clause (iii) of Section 11(5): a bank included in the Second Schedule for the assessment year qualifies as a scheduled bank, and interest payable to it is allowable only when actually paid on or before the due date of filing the return; accordingly, unpaid interest by that date is disallowable and the appellate deletion is set aside. Case-Laws Income Tax Mon, 23 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787095