January 2002

Section 57

Rajasthan H.C : Whether the learned Tribunal was correct in law in holding that the interest received from the Bank of India, Union Bank of India and the United Commercial Bank on fixed deposits with the said banks and interest paid to the said banks on the amounts taken against the fixed deposit receipts are to be treated distinctly and interest paid to the said banks is not to be reduced from the gross interest receipts and only the gross interest receipt are to be included in the income of the assessee-family?

High Court Of Rajasthan : Jaipur Bench Kaviraj Mahipat Singh vs. CIT Section 57(iii) Asst. Year 1977-78, 1978-79 Y.R. Meena

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