Supreme Court clarifies tax treatment of broken period interest for banks: Bank of Rajasthan Ltd. vs. Commissioner of Income Tax (2024) INSC 781 (16 October 2024)

/ Banking Regulation Act, Income Tax Act, 1961, Income Tax Act, 1961 with Section 28, Income Tax Act, 1961 with Section 37, Profits and gains of business or profession, Statutory Liquidity Ratio

Supreme Court Clarifies Deduction of Broken Period Interest for Banks Date of the Judgment: 16 October 2024 Citation: 2024 INSC 781 Judges: Abhay S. Oka, J., Pankaj Mithal, J. Can banks deduct the interest paid for the broken period on securities purchased as a business expense? The Supreme Court of India recently addressed this question, […]

Supreme Court clarifies tax treatment of broken period interest for banks: Bank of Rajasthan Ltd. vs. Commissioner of Income Tax (2024) INSC 781 (16 October 2024) Read Post »