Held that apportioning the deductible expenditure under section 20(1)(i), under the head Interest on securities in the case of banking companies, expenses admissible under sections 30, 31, 36 and 37 are not subject to restrictions imposed under sections 40A(3), 40A(5) and 44C of the Income-tax Act, 1961. CIT v. Citi Bank N. A. (NO. 2) (2024) 469 ITR 398 (SC). (AY.1985-86, 1986-87) (AY.1983-84, 1984-85, 1987-88) (AY.1983-84, 1984-85, 1987-88)
CIT v. Citi Bank N. A. (NO. 3) (2024)469 ITR 403 (SC) Editorial : CIT v. Citi Bank N. A ITR No. 191 of 1997 dt. 10-4-2003(Bom)(HC) CIT v. Citi Bank N. A. (No. 4) (2024)469 ITR 410 (SC) Editorial : CIT v. Citi Bank N. A (ITR No. 349 of 1995 dt. 5-3 2003 (Bom)(HC) CIT v. Citi Bank N. A. (No. 5) (2024)469 ITR 414 (SC) Editorial : CIT v. Citi Bank N. A. (ITA.No. 426 of 1998 dt. 10-4-2003 CIT v. Citi Bank N. A. (No. 6) (2024)469 ITR 416 (SC) Editorial : CIT v.Citi Bank N. A (ITA No. 1 of 1988 dt. 5-3-2003, ITR No. 232 of 1996 dt. 22-7-2003) CIT v. Citi Bank N. A. (No. 7) (2024)469 ITR 417 (SC) Editorial: CIT v. Citi Bank N. A (ITR.No. 265 of 1997 dt. 10-4-2003) CIT v. Citi Bank N. A. (No. 7) (2024)469 ITR 417 (SC) Editorial: CIT v. Citi Bank N. A (ITR.No. 265 of 1997 dt. 10-4-2003)
S. 28(i) : Business income-Interest on securities-Business income-Business expenditure-Salaries and perquisites-Disallowance is to be restricted to expenditure apportioned under profits and gains of business or profession and not under head interest on securities. [S. 18, 20(1(i), 36, 37(1), 40A(5),44C, Art. 136]
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