IT : Depreciation is not allowable to bank leasing out assets on finance lease

IT : Income from deferred guarantee commission to be spread over period to which it relates and assessed proportionately

IT : Payment to schools for reservation of seats for children of officers who were transferred periodically to be allowed

IT : Where interest credited to interest suspense account was not taxed in year of credit, amount recovered during year out of interest credited into suspense account in earlier year would be taxable in current year

IT : Interest paid under sections 234B, 220(2) and 215 is not an admissible claim under section 36 or section 37

IT : Where interest credited to 'interest suspense account' was not taxed in year of credit, amount recovered therefrom during current year would be taxable in current year

IT : Interest on Government securities is taxable on due basis

IT : Merely provision made on basis of RBI guidelines does not become allowable; claim of deduction of provision for bad and doubtful debts is specifically provided under section 36(1)(viia)

IT : Permanent category investment represents stock-in-trade of banking business; loss on revaluation will be deductible

[2014] 44 taxmann.com 99 (Mumbai - Trib.)

IN THE ITAT MUMBAI BENCH 'D'

State Bank of India

v.

Deputy Commissioner of Income-tax, Range -2(2)