https://www.taxtmi.com/caselaws?id=306032 The Court ruled in favor of the assessee on all issues. It found in line with previous judgments that disallowance of expenditure of earning exempt income under Section 14A, disallowance of depreciation on HTM investments, and applicability of Section 115JB to banking companies were not valid. The Court also determined that adding back disallowances to book profits under Section 115JB was unnecessary due to the Tribunal's ruling on disallowances under Section 14A. Consequently, the Court dismissed the appeals against the revenue for lack of merit. en-us Mon, 30 Nov 2020 00:00:00 +0530 Fri, 06 Jan 2023 09:31:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306032 The Court ruled in favor of the assessee on all issues. It found in line with previous judgments that disallowance of expenditure of earning exempt income under Section 14A, disallowance of depreciation on HTM investments, and applicability of Section 115JB to banking companies were not valid. The Court also determined that adding back disallowances to book profits under Section 115JB was unnecessary due to the Tribunal's ruling on disallowances under Section 14A. Consequently, the Court dismissed the appeals against the revenue for lack of merit. Case-Laws Income Tax Mon, 30 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306032