https://www.taxtmi.com/caselaws?id=759313 ITAT Chennai ruled on three issues for a bank assessee. First, regarding section 14A disallowance, the tribunal held that dividend income from shares held as stock-in-trade by banks constitutes business income exempt under section 10(34), following SC precedent in South Indian Bank Ltd. Second, disallowance under section 14A while computing book profit under section 115JB was deleted based on Special Bench decision in Vireet Investments. Third, section 80JJAA deduction claim was remitted back to AO for verification of 30% additional employee costs from previous year 2016-17, considering Finance Act 2017 amendments. The appeal was partly allowed with directions for recomputation excluding stock-in-trade securities from disallowance calculations. en-us Wed, 28 Aug 2024 00:00:00 +0530 Fri, 27 Sep 2024 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759313 ITAT Chennai ruled on three issues for a bank assessee. First, regarding section 14A disallowance, the tribunal held that dividend income from shares held as stock-in-trade by banks constitutes business income exempt under section 10(34), following SC precedent in South Indian Bank Ltd. Second, disallowance under section 14A while computing book profit under section 115JB was deleted based on Special Bench decision in Vireet Investments. Third, section 80JJAA deduction claim was remitted back to AO for verification of 30% additional employee costs from previous year 2016-17, considering Finance Act 2017 amendments. The appeal was partly allowed with directions for recomputation excluding stock-in-trade securities from disallowance calculations. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759313