{"id":51658,"date":"2025-03-04T10:56:52","date_gmt":"2025-03-04T05:26:52","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-v-bank-of-america-2024469-itr-406-sc-editorial-decision-of-bombay-high-court-in-cit-v-bank-of-america-bomhcitr-no-81-of-1994-dt-22-7-2023-followed-citv-citi-bank-n-a-no-2-2024\/"},"modified":"2025-03-04T10:56:52","modified_gmt":"2025-03-04T05:26:52","slug":"cit-v-bank-of-america-2024469-itr-406-sc-editorial-decision-of-bombay-high-court-in-cit-v-bank-of-america-bomhcitr-no-81-of-1994-dt-22-7-2023-followed-citv-citi-bank-n-a-no-2-2024","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-bank-of-america-2024469-itr-406-sc-editorial-decision-of-bombay-high-court-in-cit-v-bank-of-america-bomhcitr-no-81-of-1994-dt-22-7-2023-followed-citv-citi-bank-n-a-no-2-2024\/","title":{"rendered":"CIT v. Bank of America (2024)469 ITR 406 (SC) Editorial: Decision of Bombay High Court in CIT v. Bank of America (Bom)(HC)(ITR No. 81 of 1994 dt. 22-7-2023, Followed, CITv. Citi Bank N.A. (No. 2 (2024) 469 ITR 398 (SC)"},"content":{"rendered":"<p>Held, affirming the decision of the High Court, the Court held \u00a0that salary and perquisites paid by the assessee-bank to its employees are to be apportioned under section\u00a021\u00a0of the\u00a0Income-tax Act, 1961\u00a0and the provisions of section\u00a040A(5)\u00a0would be made applicable only in respect of that portion of the salary and perquisite as is considered under section\u00a028\u00a0of the Act.(AY.1982-83)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(i) : Business income-Accrual of income-Banks-Interest on  doubtful loans-Determined in accordance with Central Board of Direct Taxes Circular. [S. 21, 40A(5), 119]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-51658","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-drc","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=51658"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51658\/revisions"}],"predecessor-version":[{"id":51659,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51658\/revisions\/51659"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}