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Interest from Non-SLR securities of Banks

Income Tax - 18/2015 - Dated:- 2-11-2015 - F.No.279/Misc.140/2015/ITJ GOVERNMENT OF INDIA MINISTRY OF FINANCE DIRECTORATE OF INCOME-TAX LEGAL AND RESEARCH CIRCULAR NO 18/2015 New Delhi, Dated November 02, 2015 Subject: -reg. It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, "expenses relatable to investment in non-SLR securities need to be disallowed u/s 57(i) of the Act as interest on non-SLR securities is income from other sou .....

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SC) = 2005-TIOL-94-SC-IT, the Apex Court held that the investments made by a banking concern are part of the business of banking. Therefore, the income arising from such investments is attributable to the business of banking falling under the head "Profits and Gains of Business and Profession". 3.2 Even though the above mentioned decision was in the correct of co-operative societies/Banks claiming deduction under section 80P (2)(a)(i) of the Act, the principle is equally applicable to .....

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