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

ITA 41/JPR/2010Status: DisposedITAT Jaipur29 August 2017AY 2007-0823 pages
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What did the Tribunal hold?

The Tribunal held that the disallowance under Section 14A computed as per Rule 8D was not justified as Rule 8D was operational from AY 2008-09. It also held that the disallowance of prior period expenses was partly confirmed and partly deleted. The disallowance made by the AO regarding deduction u/s 36(1)(viia) was not maintainable and directed to be deleted.

What were the facts?

The assessee, State Bank of Bikaner & Jaipur, appealed against the disallowance of proportionate interest and administrative expenditure under Section 14A, and disallowance of prior period expenses. The Revenue also filed appeals against certain aspects of the order.

What were the issues?

Applicability of Rule 8D for disallowance under Section 14A and allowability of prior period expenses and deduction under Section 36(1)(viia).

Which sections of the Income-tax Act were involved?

Section 14A,Section 36(1)(viia)

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Cases cited in this judgment(7)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, JAIPUR BENCHES, JAIPUR

Before: SHRI KUL BHARAT, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 921/JP/2009 & 299/JP/2014

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

Heard together (2 matters)

ITA No. 921/JP/2009
ITA No. 41/JP/2010

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 four cross appeals pertaining to the A.Y. 2007-08 are filed by the Assessee and Revenue i.e. 921/JP/2009, 41/JP/2010, 299/JP/2014 & 28/JP

The order continues below.

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