https://www.taxtmi.com/caselaws?id=459028 ITAT Mumbai ruled in favor of the assessee on multiple issues. The tribunal held that post-1989 amendment to section 36(1)(vii), establishing actual bad debts is unnecessary if written off as irrecoverable in accounts, following SC precedent in TRF Ltd. The AO's selective consideration of Form-64 for business losses was deemed unjustified. No section 14A disallowance was warranted as sufficient interest-free funds existed for exempt investments. Depreciation on lease assets was allowed as continuing transactions. Notional interest on deposits for annual value determination was deleted. Section 36(1)(viia) deduction was upheld for the scheduled bank following RBI guidelines and GAAP compliance. en-us Fri, 21 Jul 2023 00:00:00 +0530 Tue, 26 Nov 2024 19:13:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459028 ITAT Mumbai ruled in favor of the assessee on multiple issues. The tribunal held that post-1989 amendment to section 36(1)(vii), establishing actual bad debts is unnecessary if written off as irrecoverable in accounts, following SC precedent in TRF Ltd. The AO's selective consideration of Form-64 for business losses was deemed unjustified. No section 14A disallowance was warranted as sufficient interest-free funds existed for exempt investments. Depreciation on lease assets was allowed as continuing transactions. Notional interest on deposits for annual value determination was deleted. Section 36(1)(viia) deduction was upheld for the scheduled bank following RBI guidelines and GAAP compliance. Case-Laws Income Tax Fri, 21 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459028