https://www.taxtmi.com/caselaws?id=62367 The Tribunal upheld the disallowance of rights issue and public issue expenses, confirming the decision of the Commissioner of Income-tax (Appeals). It remitted the disallowance of prior period expenses back to the Assessing Officer for reconsideration. The Tribunal allowed the deduction for the loss of stock-in-trade, directing the Assessing Officer to permit it as a business loss. It upheld the disallowance of bad debts in rural branches but allowed deductions for non-rural branches. The Tribunal dismissed the Revenue's appeal under section 14A, stating the tax-free interest was related to maintaining the Statutory Liquidity Ratio. en-us Thu, 10 Sep 2009 00:00:00 +0530 Mon, 16 Oct 2023 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62367 The Tribunal upheld the disallowance of rights issue and public issue expenses, confirming the decision of the Commissioner of Income-tax (Appeals). It remitted the disallowance of prior period expenses back to the Assessing Officer for reconsideration. The Tribunal allowed the deduction for the loss of stock-in-trade, directing the Assessing Officer to permit it as a business loss. It upheld the disallowance of bad debts in rural branches but allowed deductions for non-rural branches. The Tribunal dismissed the Revenue's appeal under section 14A, stating the tax-free interest was related to maintaining the Statutory Liquidity Ratio. Case-Laws Income Tax Thu, 10 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62367