Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
The summary focuses on various issues related to the taxation of banks, covering disallowances u/s 14A, interest deductibility on IPDI bonds, taxation of bad debt recoveries, applicability of MAT provisions u/s 115JB, treatment of broken period interest, amortization of premium on HTM securities, taxation of unrealized interest on NPAs, deduction u/s 36(1)(viii), loss on sale of assets to ARCs, and disallowance of payments made to RBI for non-compliance. The ITAT relied on its own precedents and High Court judgments to provide favorable decisions for the assessee bank on most issues, emphasizing principles like following RBI guidelines, substance over form, and excluding penalties for violating internal regulations from disallowance under Explanation 1 to Section 37.
The summary focuses on various issues related to the taxation of banks, covering disallowances u/s 14A, interest deductibility on IPDI bonds, taxation of bad debt recoveries, applicability of MAT provisions u/s 115JB, treatment of broken period interest, amortization of premium on HTM securities, taxation of unrealized interest on NPAs, deduction u/s 36(1)(viii), loss on sale of assets to ARCs, and disallowance of payments made to RBI for non-compliance. The ITAT relied on its own precedents and High Court judgments to provide favorable decisions for the assessee bank on most issues, emphasizing principles like following RBI guidelines, substance over form, and excluding penalties for violating internal regulations from disallowance under Explanation 1 to Section 37.
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