Supreme Court Allows Assessee Banks in Income Tax Act Section 14A Dispute Over Disallowance of Interest Expenditure. Court held that when assessee banks have sufficient interest-free own funds exceeding investments in tax-free bonds and shares, no proportionate disallowance of interest under Section 14A is permissible, as investments are presumed to be made from interest-free funds.
9 Sep 2021The Supreme Court of India addressed a batch of civil appeals concerning the interpretation of Section 14A of the Income Tax Act, 1961, in the context...
