https://www.taxtmi.com/caselaws?id=285267 A banking-tax article notes that expenditure relatable to exempt income under section 14A must be estimated on a reasonable basis, and in the discussed facts 1% of exempt income was treated as a fair disallowance. It also states that payments made to the BCCI liquidator, and related interest and legal s, were treated as allowable business expenditure or business loss when incurred on commercial expediency. Write-offs on redemption of specified mutual fund schemes were treated as allowable business losses, foreign branch income was excluded to the extent already taxed abroad under the treaty framework, and claims for wage arrears, interest accrued but not due, bad debts, diminution in investments, and depreciation on leased assets were allowed on the basis of crystallized liability or earlier precedent. en-us Mon, 27 Aug 2018 00:00:00 +0530 Sun, 05 Jan 2020 21:24:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285267 A banking-tax article notes that expenditure relatable to exempt income under section 14A must be estimated on a reasonable basis, and in the discussed facts 1% of exempt income was treated as a fair disallowance. It also states that payments made to the BCCI liquidator, and related interest and legal s, were treated as allowable business expenditure or business loss when incurred on commercial expediency. Write-offs on redemption of specified mutual fund schemes were treated as allowable business losses, foreign branch income was excluded to the extent already taxed abroad under the treaty framework, and claims for wage arrears, interest accrued but not due, bad debts, diminution in investments, and depreciation on leased assets were allowed on the basis of crystallized liability or earlier precedent. Case-Laws Income Tax Mon, 27 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285267