https://www.taxtmi.com/caselaws?id=469520 The note discusses multiple tax issues for a banking company, applying binding precedent on each point. Disallowance under section 14A read with Rule 8D was confined to actual exempt-income expenditure and was deleted. Interest on income-tax refund was held taxable on accrual under the mercantile method, with protection against double taxation on later receipt. MAT under section 115JB was held inapplicable to the banking company on the precedents followed. The proviso to section 36(1)(vii) was held to limit disallowance of bad debts only in relation to rural advances, not non-rural advances. The note also affirms deductions for section 36(1)(viia), depreciation on held-to-maturity securities, allowance of a levy not treated as a deductible penalty, and deduction under section 36(1)(viii). en-us Mon, 10 Jun 2024 00:00:00 +0530 Sat, 20 Jun 2026 10:56:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469520 The note discusses multiple tax issues for a banking company, applying binding precedent on each point. Disallowance under section 14A read with Rule 8D was confined to actual exempt-income expenditure and was deleted. Interest on income-tax refund was held taxable on accrual under the mercantile method, with protection against double taxation on later receipt. MAT under section 115JB was held inapplicable to the banking company on the precedents followed. The proviso to section 36(1)(vii) was held to limit disallowance of bad debts only in relation to rural advances, not non-rural advances. The note also affirms deductions for section 36(1)(viia), depreciation on held-to-maturity securities, allowance of a levy not treated as a deductible penalty, and deduction under section 36(1)(viii). Case-Laws Income Tax Mon, 10 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469520