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2020 (9) TMI 493 - HC - Income TaxTaxability of interest paid commonly known as Broken Period Interest - correct head of income - Business income or income from other sources - HELD THAT:- In the instant case, the assessee bank ever since, its inception has been offering the Broken Period Interest income earned from the sale of securities as business income under Section 28 of the Act and not as income under the head 'income from other sources'. Therefore, Broken Period Interest paid to the sellers of securities was claimed as allowable deduction from its business income under the Act. The Tribunal while recording the finding in favour of the assessee has relied upon the decision of the Supreme Court in CITIBANK [2008 (8) TMI 766 - SUPREME COURT]. - Decided in favour of assessee.
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