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Income Tax Act 1961

South Indian Bank Ltd. v. Commissioner of Income Tax

Income Tax Act 1961 – Section 14A – Expenditure incurred in relation to income not includible in total income – Whether proportionate disallowance of interest paid by the banks is called for under Section 14A of Income Tax Act for investments made in tax free bonds / securities which yield tax free dividend and interest to assessee Banks when assessee had sufficient interest free own funds which were more than the investments made ?