Supreme Court · 1964 INSC 231 · Decided 26 October 1964
Commissioner of Income-Tax, Madras v. Indian Bank LTD.
- Court
- Supreme Court of India
- Citation
- 1964 INSC 231 · [1965] 1 S.C.R. 833
- Case number
- CIVIL APPEAL No. 1095/1963
- Decided
- 26 October 1964
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(iii), 10
Headnote
OF INCOME·TAX, MADRAS v. INDIAN BANK LTD. October 26, 1964 (K. SUBBA RAo, J. C. 'SHAH AND$. M. SIKRI JJ.) Income Tax-Deductible expenditure-Tax~free income from securities -Interest paid on 1noney borrowed for investment in such securities­ Whethtr deductible ?-Indian Mysore Government securities which were free from Income-taX and super-tax. The Bank claimed the whole of the interest paid by it to its depositors .•• a deduction under s. 10(2) (iii) of the Indian Income-tax Act, 1922. The Income-tax Officer disallowed the claim in part, holding
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)