https://www.taxtmi.com/caselaws?id=458973 The Appellate Tribunal directed the Assessing Officer to reevaluate the disallowance under section 14A concerning tax-free bonds treated as stock-in-trade, in line with the South Indian Bank Ltd. case. If the recalculated disallowance is less than the appellant's suo-motu disallowance, no further disallowance is necessary. The Tribunal also ruled in favor of the appellant regarding adjustments under section 115JB, following the Vireet Investments Pvt. Ltd. precedent, thereby partially allowing the appeal. The decision clarified the treatment of tax-free bonds for banks and the applicability of specific precedents for section 115JB adjustments. en-us Tue, 19 Dec 2023 00:00:00 +0530 Sun, 24 Nov 2024 09:33:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458973 The Appellate Tribunal directed the Assessing Officer to reevaluate the disallowance under section 14A concerning tax-free bonds treated as stock-in-trade, in line with the South Indian Bank Ltd. case. If the recalculated disallowance is less than the appellant's suo-motu disallowance, no further disallowance is necessary. The Tribunal also ruled in favor of the appellant regarding adjustments under section 115JB, following the Vireet Investments Pvt. Ltd. precedent, thereby partially allowing the appeal. The decision clarified the treatment of tax-free bonds for banks and the applicability of specific precedents for section 115JB adjustments. Case-Laws Income Tax Tue, 19 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458973