https://www.taxtmi.com/caselaws?id=270343 The Tribunal held that Section 115JB does not apply to the banking company for the assessment year 2009-10, following the precedent set in a previous case. The issue of disallowance under Section 40(a)(ia) for non-deduction of TDS was remanded back to the AO for verification. As Section 115JB was deemed inapplicable, the addition to book profits under Section 115JB for disallowance under Section 14A was disallowed. The Tribunal upheld the adoption of municipal valuation for assessing rental income and the treatment of expenditure on debit cards as revenue expenditure. Additionally, the disallowance under Rule 8D(2)(ii) was deleted, while the disallowance under Rule 8D(2)(iii) was upheld. en-us Wed, 30 Dec 2015 00:00:00 +0530 Mon, 04 Jan 2016 12:59:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270343 The Tribunal held that Section 115JB does not apply to the banking company for the assessment year 2009-10, following the precedent set in a previous case. The issue of disallowance under Section 40(a)(ia) for non-deduction of TDS was remanded back to the AO for verification. As Section 115JB was deemed inapplicable, the addition to book profits under Section 115JB for disallowance under Section 14A was disallowed. The Tribunal upheld the adoption of municipal valuation for assessing rental income and the treatment of expenditure on debit cards as revenue expenditure. Additionally, the disallowance under Rule 8D(2)(ii) was deleted, while the disallowance under Rule 8D(2)(iii) was upheld. Case-Laws Income Tax Wed, 30 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270343