https://www.taxtmi.com/caselaws?id=762103 ITAT Chennai held that section 14A disallowance provisions do not apply to banking business exempt income from shares/securities held as stock-in-trade, following SC precedent in South Indian Bank Ltd. case. Matter remanded to AO to verify whether securities held as stock-in-trade or investment. Tribunal allowed mark-to-market loss on treasury investments citing consistency principle and Lakshmi Villas Bank precedent. Interest on delayed service tax payment allowed as deduction under section 37(1) being compensatory, not penal. Claims for HTM securities amortization and ESOP perquisite deduction remanded for fresh adjudication on merits. en-us Fri, 08 Mar 2024 00:00:00 +0530 Tue, 26 Nov 2024 15:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762103 ITAT Chennai held that section 14A disallowance provisions do not apply to banking business exempt income from shares/securities held as stock-in-trade, following SC precedent in South Indian Bank Ltd. case. Matter remanded to AO to verify whether securities held as stock-in-trade or investment. Tribunal allowed mark-to-market loss on treasury investments citing consistency principle and Lakshmi Villas Bank precedent. Interest on delayed service tax payment allowed as deduction under section 37(1) being compensatory, not penal. Claims for HTM securities amortization and ESOP perquisite deduction remanded for fresh adjudication on merits. Case-Laws Income Tax Fri, 08 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762103