SC on Taxability of interest on share application money deposited in bank

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...