{"id":14681,"date":"2020-12-31T10:05:57","date_gmt":"2020-12-31T10:05:57","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-ltu-v-sbi-2020-428-itr-316-194-dtr-259-karnhc\/"},"modified":"2020-12-31T10:05:57","modified_gmt":"2020-12-31T10:05:57","slug":"cit-ltu-v-sbi-2020-428-itr-316-194-dtr-259-karnhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-ltu-v-sbi-2020-428-itr-316-194-dtr-259-karnhc\/","title":{"rendered":"CIT (LTU) v. SBI (2020) 428 ITR 316\/ 194 DTR 259 (Karn)(HC)"},"content":{"rendered":"<p>Dismissing the appeals of the revenue the Court held that the assessee ever since its inception had been offering the broken period interest income earned from the sale of securities as business income under section\u00a028\u00a0of the\u00a0Income-tax Act, 1961\u00a0and not as income under the head \u201cIncome from other sources\u201d. Accordingly\u00a0 the broken period interest paid to the sellers of securities was an allowable deduction from its business income . Referred\u00a0 clarification dt. 5-10 &#8211; 1993 Circular No. 665 ([1993] 204 ITR (St.) 39) ( AY.1999-2000, 2000-01)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.37(1): Business expenditure \u2014 Bank \u2014 Purchase and sale of  securities \u2014 Assessable as business income and not as income from other sources -Interest  paid allowable as deduction [ S. 28(i), 36(i) (iii), 56 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14681","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3ON","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14681"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14681\/revisions"}],"predecessor-version":[{"id":14682,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14681\/revisions\/14682"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}