1964 (10) TMI 14 - SC - Income Tax

Whether on the facts and circumstances of the case the bank was entitled to claim the deduction of the entire interest paid by it on fixed deposits, either under section 10(2)(iii) or 10(2)(xv) ?

Held that:- The High Court correctly answered the question in favour of the assessee on the ground that the entire interest paid by the bank was a permissible deduction under section 10(2)(iii) of the Act.Appeal dismissed.