https://www.taxtmi.com/caselaws?id=361693 For banking companies, bad debts actually written off in respect of non-rural branches are deductible where the statutory conditions under sections 36(1)(vii) and 36(1)(viia) are satisfied. Disallowance under section 14A cannot stand in full without the required recorded satisfaction, and for the relevant years it was confined to 2% of exempt income. Diminution in the value of investments held as stock-in-trade, where the bank consistently values them at cost or market value, whichever is lower, is allowable as a trading loss. Unreconciled nostro mirror account credits routed through the profit and loss account were not treated as income. Section 115JB was held inapplicable to banking companies. en-us Fri, 08 Jun 2018 00:00:00 +0530 Tue, 12 Jun 2018 08:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361693 For banking companies, bad debts actually written off in respect of non-rural branches are deductible where the statutory conditions under sections 36(1)(vii) and 36(1)(viia) are satisfied. Disallowance under section 14A cannot stand in full without the required recorded satisfaction, and for the relevant years it was confined to 2% of exempt income. Diminution in the value of investments held as stock-in-trade, where the bank consistently values them at cost or market value, whichever is lower, is allowable as a trading loss. Unreconciled nostro mirror account credits routed through the profit and loss account were not treated as income. Section 115JB was held inapplicable to banking companies. Case-Laws Income Tax Fri, 08 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361693