https://www.taxtmi.com/caselaws?id=765984 The ITAT Mumbai ruled on multiple issues involving a banking entity. The tribunal allowed deduction u/s 36(1)(viia) for NPA provisions, finding they constitute bad and doubtful debt provisions despite nomenclature differences. For sec 14A disallowance, the matter was remanded to CIT(A) for fresh examination considering interest-free funds availability. The tribunal upheld CIT(A)'s decision allowing deduction u/s 36(1)(vii) for actual debts only. RBI penalty disallowance was rejected following consistency doctrine from previous years. Interest on Perpetual Bonds was held deductible u/s 36(1)(iii) as legitimate business cost despite hybrid debt-equity nature. en-us Mon, 20 Jan 2025 00:00:00 +0530 Fri, 14 Feb 2025 08:26:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765984 The ITAT Mumbai ruled on multiple issues involving a banking entity. The tribunal allowed deduction u/s 36(1)(viia) for NPA provisions, finding they constitute bad and doubtful debt provisions despite nomenclature differences. For sec 14A disallowance, the matter was remanded to CIT(A) for fresh examination considering interest-free funds availability. The tribunal upheld CIT(A)'s decision allowing deduction u/s 36(1)(vii) for actual debts only. RBI penalty disallowance was rejected following consistency doctrine from previous years. Interest on Perpetual Bonds was held deductible u/s 36(1)(iii) as legitimate business cost despite hybrid debt-equity nature. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765984