https://www.taxtmi.com/caselaws?id=311431 The ITAT Mumbai ruled in favor of the assessee bank on multiple tax issues. The tribunal allowed deduction u/s 36(1)(viii) for special reserves, following consistent precedent that banks are covered under financial corporations. For section 14A disallowance, the matter was restored to AO to consider Supreme Court judgment in Maxopp Investment Ltd. Deduction u/s 36(1)(viia) for bad debt provisions was partly allowed based on book provisions. Amortization of lease premium was disallowed following earlier tribunal decisions. Broken period interest deduction was restored to AO for fresh consideration per Bombay HC precedent. Loss from Lehman Brothers payment was allowed as business expenditure, not speculative loss. en-us Fri, 25 May 2018 00:00:00 +0530 Tue, 26 Dec 2023 06:11:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311431 The ITAT Mumbai ruled in favor of the assessee bank on multiple tax issues. The tribunal allowed deduction u/s 36(1)(viii) for special reserves, following consistent precedent that banks are covered under financial corporations. For section 14A disallowance, the matter was restored to AO to consider Supreme Court judgment in Maxopp Investment Ltd. Deduction u/s 36(1)(viia) for bad debt provisions was partly allowed based on book provisions. Amortization of lease premium was disallowed following earlier tribunal decisions. Broken period interest deduction was restored to AO for fresh consideration per Bombay HC precedent. Loss from Lehman Brothers payment was allowed as business expenditure, not speculative loss. Case-Laws Income Tax Fri, 25 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311431