Home › Income-Tax Act › CIT v. Standard Chartered Bank (2024)469 ITR 408 (SC) Editorial : CIT v. Standard Chartered Bank, ITR No. 87 of 1996 dt 16-7-2003 (Ker)(HC)

CIT v. Standard Chartered Bank (2024)469 ITR 408 (SC) Editorial : CIT v. Standard Chartered Bank, ITR No. 87 of 1996 dt 16-7-2003 (Ker)(HC)

S. 4 : Charge of income-tax-Accrual-Banks-Interest on bad and doubtful debts is not taxable.[S. 5, 119, Art. 136]

Held that the interest on bad and doubtful debt was not taxable in view of the Central Board of Direct Taxes circular dated October 9, 1984.Followed UCO Bank v. CIT (1999) 237 ITR 889 (SC) (AY.1985-86, 1986-87)

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