https://www.taxtmi.com/caselaws?id=381385 Bank valuation losses on GSEC securities recognised under RBI norms may be allowable as a tax deduction, subject to verification, while an education reserve created only after profits accrue is an appropriation of income and not diversion by overriding title. Separate claims for provision for standard assets, statutory reserve, and bad and doubtful debts were not allowable as claimed where specific statutory deductions applied. Deduction limits under section 36(1)(viia) and section 36(1)(viii) must be recomputed on the basis of income finally assessed after giving effect to the disallowances. Depreciation on computers is to be allowed at the prescribed rate of 60%. en-us Tue, 14 May 2019 00:00:00 +0530 Mon, 10 Jun 2019 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381385 Bank valuation losses on GSEC securities recognised under RBI norms may be allowable as a tax deduction, subject to verification, while an education reserve created only after profits accrue is an appropriation of income and not diversion by overriding title. Separate claims for provision for standard assets, statutory reserve, and bad and doubtful debts were not allowable as claimed where specific statutory deductions applied. Deduction limits under section 36(1)(viia) and section 36(1)(viii) must be recomputed on the basis of income finally assessed after giving effect to the disallowances. Depreciation on computers is to be allowed at the prescribed rate of 60%. Case-Laws Income Tax Tue, 14 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381385