M/S. VIJAYA BANK,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX, LTU, BANGALORE

ITA 1838/BANG/2018Status: DisposedITAT Bangalore28 December 2021AY 2013-1421 pages
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What did the Tribunal hold?

The Tribunal held that payments made to NPCI for ATM charges are not covered under Section 194J as technical services, following Supreme Court and co-ordinate bench decisions. It also upheld the deletion of disallowance of depreciation on HTM securities, following previous ITAT and High Court rulings.

What were the facts?

The assessee, a public sector bank, appealed against an assessment order. The Assessing Officer made various additions, including disallowances related to provisions for bad debts, expenditure under Section 40(a)(ia), and depreciation on HTM securities. The CIT(A) partly allowed the appeal.

What were the issues?

Whether payments for ATM charges to NPCI are subject to TDS under Section 194J, and whether depreciation on HTM securities is allowable. The issue of disallowance under Section 14A was remanded for fresh examination.

Which sections of the Income-tax Act were involved?

Section 36(1)(vii),Section 40(a)(ia),Section 14A,Section 194J,Section 115JB

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Income Tax Appellate Tribunal, “C’’ BENCH: BANGALORE

Before: SHRI GEORGE GEORGE K. & SHRI B.R. BASKARAN

For Appellant: Shri S. Ananthan, A.R
For Respondent: Shri Pradeep Kumar, D.R
Hearing: 20.12.2021Pronounced: 28.12.2021

PER B.R. BASKARAN, ACCOUNTANT MEMBER:

These cross appeals are directed against the order dated 27-03-2018 passed by Ld CIT(A)-14, Bangalore and they relate to the assessment year 2013-14. 2. The assessee is a public sector Bank. Earlier it was known as M/s Vijaya Bank and it has sin

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