https://www.taxtmi.com/caselaws?id=429647 For banks, section 14A disallowance was held inapplicable to securities held as stock-in-trade, ESOP expenditure was treated as allowable, and broken period interest remained deductible under binding precedent. Deduction under section 36(1)(viia) could not be restricted by relying on census data not shown to have been published by the relevant date, so the assessee's rural branch-based claim was accepted. Interest on NPAs was not taxable on mere accrual where prudential norms and the real income principle applied. Bad debts from credit card business were allowable as business deductions because the activity formed part of banking business and the statutory conditions were satisfied. en-us Wed, 26 Oct 2022 00:00:00 +0530 Tue, 01 Nov 2022 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429647 For banks, section 14A disallowance was held inapplicable to securities held as stock-in-trade, ESOP expenditure was treated as allowable, and broken period interest remained deductible under binding precedent. Deduction under section 36(1)(viia) could not be restricted by relying on census data not shown to have been published by the relevant date, so the assessee's rural branch-based claim was accepted. Interest on NPAs was not taxable on mere accrual where prudential norms and the real income principle applied. Bad debts from credit card business were allowable as business deductions because the activity formed part of banking business and the statutory conditions were satisfied. Case-Laws Income Tax Wed, 26 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429647