The Mumbai Bench ruled that ICICI Bank's mark-to-market losses incurred in its normal course of business may be deducted from taxes payable
The Income Tax Appellate Tribunal (ITAT), Mumbai bench, while granting relief to ICICI Bank, held that no disallowance shall be made towards the interest cost under section 14A of the Income Tax Act, 1961, when the investment is made out of own funds. The assessee, ICICI Bank Ltd, engaged in the business of banking and…
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