https://www.taxtmi.com/caselaws?id=216640 Section 14A did not apply because it disallows expenditure only in relation to income that does not form part of total income, and income exempt only from income tax under section 50 of the SIDBI Act was not excluded from total income. The revenue could also not raise that point for the first time in section 260A proceedings. A bad debt written off by a banking assessee was allowable under section 36(1)(vii) read with section 36(2)(i) because the amount represented money lent in the ordinary course of banking business and the statutory condition was satisfied. No substantial question of law arose, and the allowance of the deduction was upheld. en-us Wed, 12 Sep 2012 00:00:00 +0530 Sat, 15 Sep 2012 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216640 Section 14A did not apply because it disallows expenditure only in relation to income that does not form part of total income, and income exempt only from income tax under section 50 of the SIDBI Act was not excluded from total income. The revenue could also not raise that point for the first time in section 260A proceedings. A bad debt written off by a banking assessee was allowable under section 36(1)(vii) read with section 36(2)(i) because the amount represented money lent in the ordinary course of banking business and the statutory condition was satisfied. No substantial question of law arose, and the allowance of the deduction was upheld. Case-Laws Income Tax Wed, 12 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216640