Supreme Court · 2024 INSC 781 · Decided 16 October 2024
Bank of Rajasthan LTD. v. Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 2024 INSC 781 · [2024] 10 S.C.R. 860
- Case number
- CIVIL APPEAL No. 3291/2009
- Decided
- 16 October 2024
- Bench
- ABHAY S. OKA, PANKAJ MITHAL (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 28
Headnote
Issue arose as regards the treatment to be given to broken period interest, whether a deduction of the broken period interest can be claimed by the Bank, purchaser of the government Securities. Income Tax Act, 1961 - s.28 - Interest on Maturity (HTM) government securities - Interest for the broken period, if allowed as a deduction: Held: As the securities were treated as stock-in-trade, the interest on the broken period cannot be considered as capital expenditure and will have to be treated as revenue expenditure, which
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