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SC on Taxability of interest on share application money deposited in bank
Case Law Details
- Case Name
- The Commissioner of Income Tax Vs M/s. Shree Rama Multi Tech Ltd (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Courts
- Supreme Court of India
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Advocate Akhilesh Kumar Sah
CIT Vs M/s. Shree Rama Multi Tech Ltd (Supreme Court of India)
If the share application money received is deposited in the bank in view of the statutory mandatory requirement then the accrued interest is not liable to be taxed and is eligible for deduction against the public issue expenses
Very recently, in CIT vs. Shree Rama Multi Tech. Ltd. [Civil Appeal No. 6391 of 2013 with Civil Appeal No. 8336 of 2013, decided on 24.04.2018], briefly, the Respondent company had come out with initial public issue during the year under consideration and the amount of share appl...
