https://www.taxtmi.com/caselaws?id=469520 Banking-company tax treatment covers deletion of expenditure disallowance where no actual expenditure related to exempt income, and taxation of income-tax refund interest on accrual under the mercantile system, subject to relief from double taxation. MAT was treated as inapplicable on the stated facts. Bad debts written off for non-rural advances were not subject to the rural-advance proviso, while the provision for bad debts was not restricted to incremental advances. Depreciation on held-to-maturity securities was allowable as banking stock-in-trade. Payment characterised as a banking regulatory penalty remained deductible on the applicable precedent, and the special-reserve deduction was allowed where statutory conditions were met. 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 Banking-company tax treatment covers deletion of expenditure disallowance where no actual expenditure related to exempt income, and taxation of income-tax refund interest on accrual under the mercantile system, subject to relief from double taxation. MAT was treated as inapplicable on the stated facts. Bad debts written off for non-rural advances were not subject to the rural-advance proviso, while the provision for bad debts was not restricted to incremental advances. Depreciation on held-to-maturity securities was allowable as banking stock-in-trade. Payment characterised as a banking regulatory penalty remained deductible on the applicable precedent, and the special-reserve deduction was allowed where statutory conditions were met. Case-Laws Income Tax Mon, 10 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469520