https://www.taxtmi.com/caselaws?id=377929 The Tribunal remanded the matter for reconsideration in light of the Supreme Court's decision in Catholic Syrian Bank Ltd. v. Commissioner of Income Tax regarding the deduction of bad debts. The issue of eligibility as a financial corporation was settled against the assessee based on a previous court ruling. Disallowance under Section 10(23G) was reconsidered upon submission of substantiating certificates. The loss on revaluation of interest rate swaps was deemed notional and disallowed. The retrospective nature of Section 14A was clarified to apply from the assessment year 2008-09. The calculation of deduction under Section 36(1)(vii) for rural branches was adjusted, with discrepancies addressed and a disallowance made. The income tax appeals were partly allowed, with costs to be borne by each party. en-us Wed, 27 Mar 2019 00:00:00 +0530 Sat, 19 Oct 2019 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377929 The Tribunal remanded the matter for reconsideration in light of the Supreme Court's decision in Catholic Syrian Bank Ltd. v. Commissioner of Income Tax regarding the deduction of bad debts. The issue of eligibility as a financial corporation was settled against the assessee based on a previous court ruling. Disallowance under Section 10(23G) was reconsidered upon submission of substantiating certificates. The loss on revaluation of interest rate swaps was deemed notional and disallowed. The retrospective nature of Section 14A was clarified to apply from the assessment year 2008-09. The calculation of deduction under Section 36(1)(vii) for rural branches was adjusted, with discrepancies addressed and a disallowance made. The income tax appeals were partly allowed, with costs to be borne by each party. Case-Laws Income Tax Wed, 27 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377929