https://www.taxtmi.com/caselaws?id=390877 Section 14A disallowance under Rule 8D is described as being capped at the exempt dividend income where own funds exceed investments, while provision for non-performing assets is not allowable under the normal provisions. For MAT under section 115JB, profit on sale of fixed assets or investments is includible unless expressly excluded, but a provision for NPA is not a diminution in asset value and is not addable back. Education cess is treated as deductible business expenditure, section 115JB continues to apply despite RBI-based accounts, special reserve transfers under section 45IC are not deductible or excludible, interest on interest-free subsidiary advances is not disallowable where own funds are sufficient, and debenture redemption reserve is treated as an ascertained liability. en-us Tue, 31 Dec 2019 00:00:00 +0530 Tue, 14 Jan 2020 09:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390877 Section 14A disallowance under Rule 8D is described as being capped at the exempt dividend income where own funds exceed investments, while provision for non-performing assets is not allowable under the normal provisions. For MAT under section 115JB, profit on sale of fixed assets or investments is includible unless expressly excluded, but a provision for NPA is not a diminution in asset value and is not addable back. Education cess is treated as deductible business expenditure, section 115JB continues to apply despite RBI-based accounts, special reserve transfers under section 45IC are not deductible or excludible, interest on interest-free subsidiary advances is not disallowable where own funds are sufficient, and debenture redemption reserve is treated as an ascertained liability. Case-Laws Income Tax Tue, 31 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390877