STATE BANK OF PATIALA vs COMMISSIONER OF INCOME TAX

Authority: Supreme Court Date: 2015-11-18 Section: 2(7) Acts: Interest Tax Act, 1974; Negotiable Instruments Act, 1881; Income Tax Act, 1961; Reserve Bank of India Act, 1934 Result: Assessee Citation: (2015) 281 CTR 0361 (SC) : (2015) 127 DTR 0369 (SC) Justices: A.K. SIKRI & R.F. NARIMAN, JJ. Appeal No: CIVIL APPEAL NOS.5212-5220 OF 2007 with CIVIL APPEAL NO.3185, 3383, 3764, 3
Whether compensation received by banks for delayed payment of discounted bills of exchange constitutes 'interest' liable to tax under the Interest Tax Act, 1974 --- Held No.

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