SC Ruling On Section 14A -Keep Tax System Convenient & Simple

South Indian Bank Ltd Vs Commissioner of Income Tax (Supreme Court of India) 1. For purposes of 14A, a presumption can be made that investments have been made out of interest free funds even when there are mixed funds and there is no bifurcation in books of accounts for interest expense. 2. It needs to be observed here that in taxation regime, there is no room for presumption and nothing can be taken to be implied. 3. The tax an individual or a corporate is required to pay, is a matter of planning for a tax payer and the Government should endeavour to keep it convenient and simple to achieve m...