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of <h1>ITAT Mumbai: Section 14A Inapplicable to Bank Investments as Stock-in-Trade; Section 244A Clarifies Refund Interest.</h1> The case involves the interpretation of Sections 14A and 244A of the Income-tax Act, 1961, by the Income Tax Appellate Tribunal (ITAT) in Mumbai. The key issues were the disallowance of expenses related to tax-exempt income under Section 14A and the calculation of interest on tax refunds under Section 244A. The Tribunal ruled that Section 14A does not apply to investments held as stock-in-trade by banks, as these are primarily for business purposes, not for earning dividends. It also clarified that interest on tax refunds should be calculated without deducting previously issued refund interest. The Tribunal dismissed the Assessing Officer's appeal and allowed the bank's appeal, impacting how banks handle investment categorization and tax calculations.
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