Land Mark Judgement: No section 14A disallowance if assessee had sufficient interest free own fund
Case Law Details Case Name : South Indian Bank Limited Vs CIT (Supreme Court of India) Appeal Number : Date of Judgement/Order : Related Assessment Year : Download Judgment/Order Land Mark Supreme Court Judgement: No disallowance u/s 14A of the Income Tax Act, 1961 Case Name: South Indian Bank Limited Vs CIT (Supreme Court of India) Appeal No: Civil Appeal No. 9606 of 2011 Date of judgement/order: 09.09.2021 Court: Supreme Court of India In the landmark judgement the Hon’ble Supreme Court of India allowed the appeal of the South Indian Bank by settling the long drawn battle between the assessee and the department on whether proportionate disallowance of interest paid by the banks is called for under section 14A of the Income Tax Act for investments made in tax free bonds/securities which yield tax free dividend and interest of assesse Banks when assesse had sufficient interest free own fund which were more than the investments made. The Supreme Court held that where the Assessee