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CIT v. State Bank Of Hyderabad (2024)469 ITR 332 (SC) Editorial : CIT v. State Bank of Hyderabad (No. 2) (2024)469 ITR 325 (Telangana)(HC)

S. 37(1) : Business expenditure-Bank-Interest-Capital or revenue-Broken period interest paid on purchase of securities-Allowable as revenue expenditure-SLP of Revenue is dismissed.[Art. 136]

Dismissing the appeal of the Revenue the High Court held that broken period interest paid on purchase of securities is  allowable as revenue   expenditure. Followed,  CIT v. State Bank of Hyderabad (No. 1) (2024) 469 ITR 316 (Telengana)(HC). SLP of Revenue is dismissed. (AY.1997-98)

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