https://www.taxtmi.com/caselaws?id=192396 Transfer to the statutory reserve under section 45-IC of the RBI Act was treated as application of income rather than diversion by overriding title, and the disallowance was upheld. Interest under section 234D was regarded as compensatory and not deductible; the section 14A read with Rule 8D disallowance was also sustained. TDS credit was directed to be granted only after verification of Form 26AS/Form 16A. Transfer to statutory reserve was not deductible in book profit under section 115JB. On the other hand, bad debt write-off, royalty for use of logo, and ESOP expenditure were allowed on the basis of prior orders and applicable binding precedent. en-us Wed, 24 Aug 2016 00:00:00 +0530 Mon, 08 Aug 2022 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192396 Transfer to the statutory reserve under section 45-IC of the RBI Act was treated as application of income rather than diversion by overriding title, and the disallowance was upheld. Interest under section 234D was regarded as compensatory and not deductible; the section 14A read with Rule 8D disallowance was also sustained. TDS credit was directed to be granted only after verification of Form 26AS/Form 16A. Transfer to statutory reserve was not deductible in book profit under section 115JB. On the other hand, bad debt write-off, royalty for use of logo, and ESOP expenditure were allowed on the basis of prior orders and applicable binding precedent. Case-Laws Income Tax Wed, 24 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192396