https://www.taxtmi.com/caselaws?id=458597 The ITAT Mumbai ruled on multiple issues in a banking case. The tribunal allowed pension provision deductions as ascertained liabilities based on actuarial valuation, following Metal Box Co. precedent. It dismissed appeals on depreciation for matured securities and leased assets, upholding lower authorities' decisions. The tribunal allowed deductions under section 36(1)(vii) for non-rural advances and section 36(1)(viia) for standard assets. Interest income from NPAs was deleted as no credit entry existed in books. The tribunal allowed provisions for wage revision and staff welfare expenses. Issues regarding foreign branch income taxation were decided against the assessee. Several matters including LSE chair payment and foreign asset depreciation were remanded for fresh adjudication. The tribunal directed computation of section 14A disallowance only for investments yielding exempt income during the year. en-us Tue, 06 Jun 2023 00:00:00 +0530 Thu, 07 Nov 2024 20:49:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458597 The ITAT Mumbai ruled on multiple issues in a banking case. The tribunal allowed pension provision deductions as ascertained liabilities based on actuarial valuation, following Metal Box Co. precedent. It dismissed appeals on depreciation for matured securities and leased assets, upholding lower authorities' decisions. The tribunal allowed deductions under section 36(1)(vii) for non-rural advances and section 36(1)(viia) for standard assets. Interest income from NPAs was deleted as no credit entry existed in books. The tribunal allowed provisions for wage revision and staff welfare expenses. Issues regarding foreign branch income taxation were decided against the assessee. Several matters including LSE chair payment and foreign asset depreciation were remanded for fresh adjudication. The tribunal directed computation of section 14A disallowance only for investments yielding exempt income during the year. Case-Laws Income Tax Tue, 06 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458597