Supreme Court clarifies disallowance of interest under Section 14A of Income Tax Act for Banks: South Indian Bank Ltd. vs. Commissioner of Income Tax (2021)

/ Disallowance of Expenditure, Exempt Income, Hrishikesh Roy, Income Tax Act, 1961, Income Tax Act, 1961 with Section 14A, Judges, Sanjay Kishan Kaul

Supreme Court on Disallowance of Interest under Section 14A of Income Tax Act for Banks LEGAL ISSUE: Whether proportionate disallowance of interest paid by banks is required under Section 14A of the Income Tax Act for investments in tax-free bonds/securities when the banks have sufficient interest-free funds. CASE TYPE: Income Tax Case Name: South Indian […]

Supreme Court clarifies disallowance of interest under Section 14A of Income Tax Act for Banks: South Indian Bank Ltd. vs. Commissioner of Income Tax (2021) Read Post »