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Banking companies maintaining their accounts as per Banking Regulation Act, 1949 are not covered by section 115JA

April 15, 2019[2019] 104 taxmann.com 236 (Mumbai - Trib.)

IT: Section 115JA would not be applicable to assessee a banking company maintaining its accounts under Banking Regulation Act, 1949

IT/ILT: Assessee not having contested applicability of section 44C either before Assessing Officer or before Commissioner (Appeals), matter was to be remanded back to Assessing Officer for examining assessee's claim with regard to applicability or otherwise of section 44C qua article–26 of India-U.K. Tax Treaty

IT: In view of provisions of section 37(4) guest house expenses are not allowable

IT: Where assessee had sufficient own fund to finance investment in tax free bonds and there was no nexus between interest bearing funds and investment made in tax free bonds, exemption claimed on interest income could not have been disallowed

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