Broken Period Interest on Securities Considered as Stock-in-Trade is Revenue in Nature: Supreme Court allows Income Tax Deduction [Read Judgement]
The Apex Court noted that many banks, including the appellant, had followed the practice of accounting for broken period interest as part of their trading transactions
By Manu Sharma - On October 18, 2024 3:18 pm - 2 mins read
The Supreme Court has recently held that broken period interest incurred on securities treated as stock-in-trade is in the nature of revenue expense and that Income Tax Deduction can be allowed on the same. The treatment to be given to broken period interest was taken to the Supreme Court and the question as to whether…
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