Mechanical Revenue Objections Rejected on Section 14A and MAT

Bank of India Vs ACIT (ITAT Mumbai) Bank of India Gets Major Relief: ITAT Mumbai Deletes s.14A Disallowance, Allows Carry-Forward Foreign Tax Credit; Foreign Branch Profits Still Taxable ITAT Mumbai (I Bench) in Bank of India vs ACIT & cross-appeal (ITA Nos. 1397 & 1549/Mum/2023, AY 2013-14, order dated 23.12.2025) has delivered a partly favourable ruling for the Bank, granting substantial relief on s.14A disallowance and foreign tax credit (FTC) issues, while upholding taxation of foreign branch profits in India. On Section 14A, the Tribunal deleted the disallowance of ₹10.87 crore ...