NDLI: South Indian Bank Ltd. Vs. Commissioner of Income Tax

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	Income Tax Act 1961 Interpretation tax free bonds
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Case(s) Referred	Referred Case 0 Referred Case 1 Referred Case 2 Referred Case 3
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
Headnote	Income Tax Act, 1961 – s.14A – Interpretation of – Assessees are scheduled banks and in course of their banking business, they also engage in the business of investments in bonds, securities and shares which earn the assessees, interests from such securities and bonds as also dividend income on investments in shares of companies and from units of UTI etc. which are tax free – Whether proportionate disallowance of interest paid by the banks is called for u/s.14A 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 – Held: Proportionate disallowance of interest is not warranted, u/s.14A for investments made in tax free bonds / securities which yield tax free dividend and interest to Assessee Banks in those situations where, interest free own funds available with the Assessee, exceeded their investments – High Court erred in endorsing the proportionate disallowance made by the Assessing Officer u/s.14A to the extent of investments made in tax-free bonds / securities primarily because, separate account was not maintained by assessee – Though an assessee definitely has the obligation to provide full material disclosures at the time of filing of Income Tax Return but there is no corresponding legal obligation upon the assessee to maintain separate accounts for different types of funds held by it. Tax/Taxation – In taxation regime, there is no room for presumption and nothing can be taken to be implied.
Judge	Hon'ble Mr. Justice Hrishikesh Roy
Neutral Citation	2021 INSC 462
Petitioner	South Indian Bank Ltd.
Respondent	Commissioner Of Income Tax
SCR	[2021] 6 S.C.R. 154
Judgement Date	2021-09-09
Case Number	9606

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

South Indian Bank Ltd. Vs. Commissioner of Income Tax

Please Log-in to view this content

M/s South India Viscose Ltd. Vs. Commissioner of Income Tax

Commissioner of Income-tax, Kerala Vs. South Indian Bank Ltd. Trichur

M/s Us Technologies International Pvt. Ltd Vs. The Commissioner of Income Tax

Mercantile Bank Ltd., Bombay Vs. The Commissioner of Income-tax, Bombay City-iii

Oxford University Press Vs. Commissioner of Income Tax

Benaras State Bank Ltd. Vs. Commissioner of Income-tax, Lucknow

Commissioner of Income Tax, Gujarat Vs. Jyoti Ltd.

Commissioner of Income Tax, Madras Vs. Express Newspaper Ltd.

Commissioner of Income Tax, West Bengal Vs. Calcutta Agency Ltd.

South Indian Bank Ltd. Vs. Commissioner of Income Tax

South Indian Bank Ltd. Vs. Commissioner of Income Tax

Please Log-in to view this content

Similar Documents

M/s South India Viscose Ltd. Vs. Commissioner of Income Tax

Commissioner of Income-tax, Kerala Vs. South Indian Bank Ltd. Trichur

M/s Us Technologies International Pvt. Ltd Vs. The Commissioner of Income Tax

Mercantile Bank Ltd., Bombay Vs. The Commissioner of Income-tax, Bombay City-iii

Oxford University Press Vs. Commissioner of Income Tax

Benaras State Bank Ltd. Vs. Commissioner of Income-tax, Lucknow

Commissioner of Income Tax, Gujarat Vs. Jyoti Ltd.

Commissioner of Income Tax, Madras Vs. Express Newspaper Ltd.

Commissioner of Income Tax, West Bengal Vs. Calcutta Agency Ltd.

South Indian Bank Ltd. Vs. Commissioner of Income Tax