Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
Original works exemption excludes standalone boulder transportation, leaving subcontracted railway-project transport services subject to service tax l...
Annual production capacity determinations excluding stenter galleries support refunds for unconstitutional excise levies without an unjust-enrichment ...
Vicarious liability for cheque dishonour requires specific allegations of responsibility and cheque signatory; generic director allegations cannot sus...
IT Resilience Index requires market infrastructure institutions to automate resilience scoring, early warnings, and continuous service-delivery monito...
The ITAT dismissed the Revenue's appeals challenging the assessee bank's treatment of amortization of premium on HTM securities, holding it appropriate to amortize over the holding period in line with RBI guidelines. Disallowances relating to depreciation on investments, venture capital fund investments, and MTM derivatives were rejected, reaffirming prior Tribunal and Supreme Court precedents that found no escapement of income. The disallowance of inter-office adjustments was also dismissed, recognizing these as reconciled internal entries. Additions under section 14A read with Rule 8D concerning exempt income were negated following Delhi High Court rulings. Depreciation on goodwill was allowed as an intangible asset under section 32(1). Contributions to the pension fund were upheld as deductible business expenses under section 43B. Finally, the claim under section 36(1)(viii) for advances granted for eligible business purposes was allowed subject to quantification by the AO as directed by the CIT(A).
The ITAT dismissed the Revenue's appeals challenging the assessee bank's treatment of amortization of premium on HTM securities, holding it appropriate to amortize over the holding period in line with RBI guidelines. Disallowances relating to depreciation on investments, venture capital fund investments, and MTM derivatives were rejected, reaffirming prior Tribunal and Supreme Court precedents that found no escapement of income. The disallowance of inter-office adjustments was also dismissed, recognizing these as reconciled internal entries. Additions under section 14A read with Rule 8D concerning exempt income were negated following Delhi High Court rulings. Depreciation on goodwill was allowed as an intangible asset under section 32(1). Contributions to the pension fund were upheld as deductible business expenses under section 43B. Finally, the claim under section 36(1)(viii) for advances granted for eligible business purposes was allowed subject to quantification by the AO as directed by the CIT(A).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
