https://www.taxtmi.com/caselaws?id=393753 The ruling reviews multiple bank-tax issues under the Income-tax Act, holding that provision for standard assets and country risk does not qualify as provision for bad and doubtful debts, foreign tax relief under section 90 is confined by the applicable double taxation framework, and depreciation is not allowable on goodwill where no goodwill exists on the facts. It also sustains disallowance of staff welfare fund contribution and leave encashment provision, allows recovery of bad debts relating to rural branches where the original deduction was not allowed, accepts depreciation on ATM as part of a computer system, and upholds mark-to-market loss on trading derivatives. The matter under section 14A was remitted for fresh verification, and section 115JB treatment for banks was accepted. en-us Wed, 22 Jan 2020 00:00:00 +0530 Sun, 22 Mar 2020 16:39:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393753 The ruling reviews multiple bank-tax issues under the Income-tax Act, holding that provision for standard assets and country risk does not qualify as provision for bad and doubtful debts, foreign tax relief under section 90 is confined by the applicable double taxation framework, and depreciation is not allowable on goodwill where no goodwill exists on the facts. It also sustains disallowance of staff welfare fund contribution and leave encashment provision, allows recovery of bad debts relating to rural branches where the original deduction was not allowed, accepts depreciation on ATM as part of a computer system, and upholds mark-to-market loss on trading derivatives. The matter under section 14A was remitted for fresh verification, and section 115JB treatment for banks was accepted. Case-Laws Income Tax Wed, 22 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393753