https://www.taxtmi.com/caselaws?id=466944 Disallowance of expenses under the rule for exempt income was held inapplicable where investments are part of banking business and own funds substantially cover exempt investments, therefore no addition to book profit is warranted; amortisation of premium on HTM securities recorded as revenue in banking accounts is allowable and not required to be added back; interest on bona fide perpetual debt instruments characterized and treated as borrowings is deductible as business expenditure; a large claimed capital loss was remitted to the assessing officer for fresh verification with opportunity to the taxpayer; broken period interest in the banking context is deductible as revenue expenditure. en-us Thu, 14 Nov 2024 00:00:00 +0530 Mon, 23 Feb 2026 17:42:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466944 Disallowance of expenses under the rule for exempt income was held inapplicable where investments are part of banking business and own funds substantially cover exempt investments, therefore no addition to book profit is warranted; amortisation of premium on HTM securities recorded as revenue in banking accounts is allowable and not required to be added back; interest on bona fide perpetual debt instruments characterized and treated as borrowings is deductible as business expenditure; a large claimed capital loss was remitted to the assessing officer for fresh verification with opportunity to the taxpayer; broken period interest in the banking context is deductible as revenue expenditure. Case-Laws Income Tax Thu, 14 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466944