Legal Street registered trademark

Supreme Court of India

Indian Banks' Association, Bombay and Ors. v. M/s. Devkala Consultancy Service and Ors.

Neutral citation
Reported as [2004] SUPP. 1 S.C.R. 225
Bench V.N. Khare and S.B. Sinha JJ.
Decided 16 April 2004

INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.

7 Supreme Court benches have cited this judgment.

What the Court ordered

We are of the opinion that the impugned judgment cannot be faulted with.

Judgment, page 25

From the headnote

Interest Tax Act, 1974 : Sections 2(5), 2(7), 4, 5 and 26C-Imposition of tax on total amount of interest received by Scheduled Banks/Credit Institutions on loans and ' advances-Grossing up and rounding the interest rate to 0.25% by banks by applying section 26C-legality of-Held: increase in rate of interest in terms of Section 26C, has a direct nexus with the statutory impost which must be definite-Hence, the purported demand from the borrower for a higher amount of tax .and consequently a higher amount of interest by way of rounding up was wholly illegal and without jurisdiction-Banking

Authorities it was built on

Where later benches applied it

Of those, 2 referred to · 4 mentioned · 1 not applicable

Sign in free to read it

  • The full judgment, page by page, as published in the Supreme Court Reports
  • The ratio: what the Court held, verbatim, with the page it sits on
  • Every bench that relied on it, and every bench that argued against it
  • Search every reported judgment, by party, citation or question
  • Download the PDF, copy pinpoint citations ready for a filing
Sign in to read - for free

An email address, no password.