https://www.taxtmi.com/caselaws?id=221541 The ITAT Hyderabad held that Rule 8D is not applicable for AY 2007-08 regarding disallowance under section 14A and remanded the issue for the AO to make a reasonable expenditure estimate attributable to exempt income. The claim for deduction under section 36(1)(viia) for provisions on rural advances was allowed, subject to the limitation that actual write-offs exceeding provisions are deductible per Supreme Court rulings, and the matter was remanded for fresh consideration. The tribunal ruled that section 115JB does not apply to the assessee bank before AY 2013-14, as it falls under the proviso to section 211(2) of the Companies Act, setting aside the assessment under section 115JB. Lastly, broken period interest was held to be an allowable deduction, rejecting the revenue's stand. en-us Fri, 07 Sep 2012 00:00:00 +0530 Wed, 13 Aug 2025 14:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221541 The ITAT Hyderabad held that Rule 8D is not applicable for AY 2007-08 regarding disallowance under section 14A and remanded the issue for the AO to make a reasonable expenditure estimate attributable to exempt income. The claim for deduction under section 36(1)(viia) for provisions on rural advances was allowed, subject to the limitation that actual write-offs exceeding provisions are deductible per Supreme Court rulings, and the matter was remanded for fresh consideration. The tribunal ruled that section 115JB does not apply to the assessee bank before AY 2013-14, as it falls under the proviso to section 211(2) of the Companies Act, setting aside the assessment under section 115JB. Lastly, broken period interest was held to be an allowable deduction, rejecting the revenue's stand. Case-Laws Income Tax Fri, 07 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221541