M/S THE MAHARASHTRA STATE CO. OP BANK LTD.,MUMBAI vs. ITO-1(3)(3), MUMBAI

ITA 3878/MUM/2019Status: DisposedITAT Mumbai21 August 2023AY 2013-1436 pages
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What did the Tribunal hold?

The Tribunal held that the addition of rental income was correctly confirmed. However, it allowed the deduction claimed by the assessee under Section 36(1)(vii) of the Act, finding that the CIT(A) had erred in not considering the fresh details filed by the assessee.

What were the facts?

The assessee bank challenged the confirmation of an addition of Rs. 14,22,26,284/- representing rental income on properties seized under the SARFAESI Act. The Revenue, in turn, appealed the deletion of a disallowance of Rs. 13,11,50,048/- claimed as deduction under Section 36(1)(vii) of the Income Tax Act.

What were the issues?

Whether rental income from properties seized under SARFAESI Act is taxable in the hands of the assessee bank, and whether the deduction under Section 36(1)(vii) was correctly allowed by the CIT(A).

Which sections of the Income-tax Act were involved?

Section 36(1)(vii)

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Income Tax Appellate Tribunal, MUMBAI BENCH “D” MUMBAI

Before: SHRI OM PRAKASH KANT & SHRI SANDEEP SINGH KARHAIL

For Appellant: Mr. Sushil Lakhani
For Respondent: DR :
Hearing: 15/06/2023Pronounced: 21/08/2023

PER OM PRAKASH KANT, AM

These cross appeals by the assessee and the Revenue are directed against order dated 01.03.2019 passed by the Ld. Commissioner of Income-tax (Appeals)-3, Mumbai [in short ‘the Ld.

M/s The Maharashtra State Co-op. Bank Ltd. M/s The Maharashtra State Co ITA Nos. 3878 & 3916/Mum/2019

CIT(A)’] for

The order continues below.

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