https://www.taxtmi.com/caselaws?id=755575 Kerala HC ruled in favor of appellant-Bank on multiple deduction disputes. Regarding Section 14A disallowance for expenses related to tax-free dividend income, the court followed SC precedent in South Indian Bank Ltd. v. CIT, holding that separate accounts showing investments from surplus funds are unnecessary if interest-free funds exceed investments. For Section 36(1)(viii) deduction post-2010 amendment, HC held that banking companies remain entitled to deductions for long-term housing finance as "Development of Housing in India" encompasses construction/purchase activities. The Section 36(1)(viia) rural area deduction issue was remitted to Appellate Tribunal for reconsideration under Section 36(1)(vii), pending SC resolution on rural classification criteria. en-us Mon, 08 Jul 2024 00:00:00 +0530 Mon, 15 Jul 2024 08:20:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755575 Kerala HC ruled in favor of appellant-Bank on multiple deduction disputes. Regarding Section 14A disallowance for expenses related to tax-free dividend income, the court followed SC precedent in South Indian Bank Ltd. v. CIT, holding that separate accounts showing investments from surplus funds are unnecessary if interest-free funds exceed investments. For Section 36(1)(viii) deduction post-2010 amendment, HC held that banking companies remain entitled to deductions for long-term housing finance as "Development of Housing in India" encompasses construction/purchase activities. The Section 36(1)(viia) rural area deduction issue was remitted to Appellate Tribunal for reconsideration under Section 36(1)(vii), pending SC resolution on rural classification criteria. Case-Laws Income Tax Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755575