STATE BANK OF BIKANER & JAIPUR,JAIPUR vs. ACIT, JAIPUR

ITA 280/JPR/2009Status: DisposedITAT Jaipur29 August 2017AY 2006-0721 pages
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What did the Tribunal hold?

The Tribunal held that Rule 8D was not applicable for the assessment year in question and that investments yielding exempt income were part of the bank's stock-in-trade. The Tribunal also affirmed the CIT(A)'s deletion of additions related to valuation of securities and amortization.

What were the facts?

The assessee, State Bank of Bikaner & Jaipur, appealed against additions made by the Assessing Officer, including disallowance under Section 14A and treatment of un-reconciled entries as income. The Revenue also filed an appeal against deletions made by the CIT(A).

What were the issues?

Applicability of Section 14A and Rule 8D for disallowance of expenditure, and the taxability of un-reconciled entries and prior period expenses.

Which sections of the Income-tax Act were involved?

Section 14A,Section 10(23G)

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Cases cited in this judgment(8)Show list

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Income Tax Appellate Tribunal, JAIPUR BENCHES, JAIPUR

Before: SHRI KUL BHARAT, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 280/JP/2009

For Appellant: Shri P.C. Parwal (CA) jktLo dh vksj ls@

Heard together (2 matters)

ITA No. 280/JP/2009
ITA No. 438/JP/2009

Read from the judgment's own cause title. This page is filed under one of them.

PER BENCH

Out of bunch of 21 Appeals, these two Cross Appeals one by the Assessee

i.e. ITA No. 280/JP/2009 & other by the Revenue’s appeal in ITA No.

438/JP/2009 pertaining to the Assessment Year 2006

The order continues below.

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