https://www.taxtmi.com/caselaws?id=757028 The ITAT Bangalore ruled in favor of the assessee bank regarding disallowance under section 14A read with rule 8D. The tribunal held that when shares are held as stock-in-trade by banks rather than as investments, they constitute business activity. Following SC precedent in Maxopp Investments and HC decisions in Canara Bank and Punjab National Bank cases, the tribunal determined that such shares do not fall within the ambit of Rule 8D(iii) of Income Tax Rules 1963, allowing the assessee's ground of appeal. en-us Wed, 31 Jan 2024 00:00:00 +0530 Tue, 13 Aug 2024 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757028 The ITAT Bangalore ruled in favor of the assessee bank regarding disallowance under section 14A read with rule 8D. The tribunal held that when shares are held as stock-in-trade by banks rather than as investments, they constitute business activity. Following SC precedent in Maxopp Investments and HC decisions in Canara Bank and Punjab National Bank cases, the tribunal determined that such shares do not fall within the ambit of Rule 8D(iii) of Income Tax Rules 1963, allowing the assessee's ground of appeal. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757028