Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | 1974: Interest Tax Act |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Disposed Off |
Headnote | Interest Tax Act, 1974:s.2(7) - Interest payable on default in payment ofamounts due under the discounted bill of exchange -Liability to pay tax on such interest under the Act of 1974-Held: Tax not payable - Interest is chargeable to tax underthe Interest Tax Act only if it arises directly from a loan or advance - This is clear from the use of the word "on" ins. 2(7)of the Act - Interest payable "on" a discounted bill ofexchange cannot therefore be equated with interest payable"on" a loan or advance.s.2(7)- Guarantee fees paid to the Deposit Insuranceand Credit Guarantee Corporation does not form part ofdefinition of interest ins. 2(7) of the Act of 197 4.Words and phrases: Expression 'means and includes'- Connotation of. |
Judge | Hon'ble Mr. Justice R.F. Nariman |
Neutral Citation | 2015 INSC 843 |
Petitioner | M/s. State Bank Of Patiala Through General Manager |
Respondent | Commissioner Of Income Tax, Patiala |
SCR | [2015] 12 S.C.R. 243 |
Judgement Date | 2015-11-18 |
Case Number | 5212 |
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