Supreme Court of India
The Commissioner of Income Tax-kolhapur v. The Ratnakar Bank Ltd.
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.
From the headnote
Interest Tax Act, 197 4 - s. 2(7) rlw s.4 - Chargeable inter- est - Interest on Government securities - Distinction between c investment/securities and loans/advances - Supreme Court decision in Corporation Bank's case that interest earned by assessee-bank on government securities is not chargeable to tax under s.2(7) - Applicability of Dispute arose as to whether interest earned by the assessee (Respondent-bank) on government securities was chargeable to tax under s.2(7) of the Interest Tax Act, 1974. The Income Tax Appellate Tribunal held that it was not chargeable. The order of Tribunal
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