Where the assessee-bank purchased securities to hold them as stock-in-trade and claimed deduction in respect of broken period interest paid on purchase of such securities, the High Court held that the interest paid on such securities was allowable as a deduction under section 37(1). (AY. 2010-11).
PCIT v. HDFC Bank Ltd. [2025] 173 taxmann.com 579 (Bom) (HC) Editorial: SLP of revenue dismissed, PCIT v. HDFC Bank Ltd. [2025] 304 Taxman 606 (SC)
S. 37(1): Business expenditure-Broken period interest-Securities held as stock-in-trade-Deduction allowable.[S.145, 260A]
Leave a Reply