https://www.taxtmi.com/caselaws?id=424925 The Tribunal ruled in favor of the assessee on various issues related to disallowances and deductions under the Income Tax Act. Notably, disallowance under Section 14A was deleted as the Assessing Officer failed to record satisfaction before invoking Rule 8D. The Tribunal also allowed deductions for expenses related to Qualified Institutional Placements (QIPs) and brokerage paid on acquisition of investments, emphasizing that expenses were revenue in nature. Additionally, the Tribunal directed the Assessing Officer to examine and allow the claim for ESOP deductions and deductions under Section 36(1)(viia) without restrictions to rural branches. The disallowance of broken period interest and amortization of premium on Held to Maturity (HTM) securities was also overturned, following judicial precedents and RBI guidelines. en-us Tue, 28 Jun 2022 00:00:00 +0530 Wed, 26 Jul 2023 15:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424925 The Tribunal ruled in favor of the assessee on various issues related to disallowances and deductions under the Income Tax Act. Notably, disallowance under Section 14A was deleted as the Assessing Officer failed to record satisfaction before invoking Rule 8D. The Tribunal also allowed deductions for expenses related to Qualified Institutional Placements (QIPs) and brokerage paid on acquisition of investments, emphasizing that expenses were revenue in nature. Additionally, the Tribunal directed the Assessing Officer to examine and allow the claim for ESOP deductions and deductions under Section 36(1)(viia) without restrictions to rural branches. The disallowance of broken period interest and amortization of premium on Held to Maturity (HTM) securities was also overturned, following judicial precedents and RBI guidelines. Case-Laws Income Tax Tue, 28 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424925