https://www.taxtmi.com/caselaws?id=466903 For a banking assessee the Tribunal applied banking-specific accounting and regulatory principles, holding that broken period interest on trading securities is revenue in nature and its disallowance is deleted; adjustments under the anti-exemption framework and apportionment rule are not to be mechanically applied to banks where investments form part of business, so section 14A/Rule 8D disallowances (including for book profit under the corporate tax code) are deleted; amortisation of HTM premium is allowable; interest on perpetual debt instruments treated as borrowings is deductible; certain wage-arrear provisions are allowable under the mercantile rule; unrealised NPA interest recognition follows prudential norms; year-end provisions and tax on non-monetary perquisites are not disallowed for normal income or book profit. en-us Thu, 11 May 2023 00:00:00 +0530 Tue, 24 Feb 2026 11:10:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466903 For a banking assessee the Tribunal applied banking-specific accounting and regulatory principles, holding that broken period interest on trading securities is revenue in nature and its disallowance is deleted; adjustments under the anti-exemption framework and apportionment rule are not to be mechanically applied to banks where investments form part of business, so section 14A/Rule 8D disallowances (including for book profit under the corporate tax code) are deleted; amortisation of HTM premium is allowable; interest on perpetual debt instruments treated as borrowings is deductible; certain wage-arrear provisions are allowable under the mercantile rule; unrealised NPA interest recognition follows prudential norms; year-end provisions and tax on non-monetary perquisites are not disallowed for normal income or book profit. Case-Laws Income Tax Thu, 11 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466903