Supreme Court of India
The Commissioner of Income Tax, Kolhapur v. Industrial Development Bank of India 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) - Interest earned by as- sessee-Bank on Government Securities - Held: Is not liable c to be assessed u/s 2(7) - In the instant case, the question as to whether the interest earned was on Government Securities, is since disputed, direction to Tribunal to decide the question - Interest not be made assessable to tax only if found to have been earned solely on Government Securities. 0 The question for consideration in the instant appeals "< was whether the interest earned by the assessee-Bank on Government Securities was liable to be assessed u/s 2(7) of Interest
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