Broken period interest paid by bank on Govt. securities allowed as deduction if same was treated as income if earned

INCOME TAX : Where assessee-bank from outset had been treating Broken Period Interest income accrued from sale of government securities as its business income under section 28(i), Broken Period Interest paid by it was to be allowed as permissible deductionINCOME TAX : Where assessee-bank from outset had been treating Broken Period Interest income accrued from sale of government securities as its business income under section 28(i), Broken Period Interest paid by it was to be allowed as permissible deductionwww.taxmann.com Latest Case LawsRead More

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