https://www.taxtmi.com/caselaws?id=183341 The Tribunal partly allowed the assessee's appeals for A.Y. 2005-06 and 2006-07. The disallowance under section 14A was restricted to 1% of exempt income, resulting in the deletion of excess disallowance. The Tribunal allowed the deduction under section 36(1)(viii) for a Government company engaged in providing long-term finance. It upheld the disallowance of deduction under section 36(1)(viia) due to insufficient provision in the books. The Tribunal found section 115JB inapplicable to the Bank, leading to the deletion of additions. Deductions for provision for salary arrears and bad debts written off were allowed based on accrued liabilities and legal precedents. The Tribunal remitted the addition under section 41(1) for verification. The disallowance of public issue expenses was dismissed, and disallowance under section 14A with Rule 8D was deemed fair and reasonable. en-us Wed, 16 Mar 2016 00:00:00 +0530 Mon, 06 Jun 2016 11:29:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183341 The Tribunal partly allowed the assessee's appeals for A.Y. 2005-06 and 2006-07. The disallowance under section 14A was restricted to 1% of exempt income, resulting in the deletion of excess disallowance. The Tribunal allowed the deduction under section 36(1)(viii) for a Government company engaged in providing long-term finance. It upheld the disallowance of deduction under section 36(1)(viia) due to insufficient provision in the books. The Tribunal found section 115JB inapplicable to the Bank, leading to the deletion of additions. Deductions for provision for salary arrears and bad debts written off were allowed based on accrued liabilities and legal precedents. The Tribunal remitted the addition under section 41(1) for verification. The disallowance of public issue expenses was dismissed, and disallowance under section 14A with Rule 8D was deemed fair and reasonable. Case-Laws Income Tax Wed, 16 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183341