https://www.taxtmi.com/caselaws?id=214188 The ITAT Mumbai addressed multiple tax issues for a bank, holding that depreciation on assets treated as finance transactions was not allowable, while section 14A disallowance for the relevant period required fresh reasonable computation by the Assessing Officer. It also accepted in principle that a bank could qualify for deduction under section 36(1)(viii) as a financial corporation, subject to quantification and the statutory ceiling. Disallowance for non-deduction of tax at source on payments connected with Sikkim was deleted, and section 115JB was held inapplicable to the bank, so the related book-profit disallowance under section 14A also failed. Challenges to prior period expenses, reversal of interest, bad debts written off, and depreciation on investments were rejected. en-us Thu, 30 Jun 2011 00:00:00 +0530 Fri, 22 Jun 2012 09:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214188 The ITAT Mumbai addressed multiple tax issues for a bank, holding that depreciation on assets treated as finance transactions was not allowable, while section 14A disallowance for the relevant period required fresh reasonable computation by the Assessing Officer. It also accepted in principle that a bank could qualify for deduction under section 36(1)(viii) as a financial corporation, subject to quantification and the statutory ceiling. Disallowance for non-deduction of tax at source on payments connected with Sikkim was deleted, and section 115JB was held inapplicable to the bank, so the related book-profit disallowance under section 14A also failed. Challenges to prior period expenses, reversal of interest, bad debts written off, and depreciation on investments were rejected. Case-Laws Income Tax Thu, 30 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214188