TaxTMI 
TaxTMI 
2008 (10) TMI 13
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.... the Bombay High Court in a group of appeals filed by the revenue under Section 260A of the Income Tax Act, 1961 (in short the 'Act') read with Section 24 of the Interest Tax Act, 1974 (in short the 'Interest Act'). Question involved was whether interest earned by the assessee bank on government securities was liable to be assessed under Section 2(7) of the Interest Act. The Income Tax Appellate T....
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....t. 4. A similar question came up for consideration before this Court in Commissioner of Income Tax v. Corporation Bank (2008 (166) Taxman 388). This court held as follows: "Leave granted in special leave petitions. The short point which arises in this batch of civil appeals is whether interest earned by the assessees-banks on dated Government securities was liable to be assessed under section 2....
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....in agreement with the view expressed by the Bombay High Court. For the aforestated reasons there is no merit in the civil appeals filed by the department. The same are dismissed No order as to costs." 5. Learned counsel for the appellant submitted that this Court's decision related to the interest on government securities. Learned counsel for the assessee submitted that in the instant case the i....