BANK OF INDIA,MUMBAI vs. THE NATIONAL FACELESS ASSESSMENT CENTRE, MUMBAI

ITA 1452/MUM/2023Status: DisposedITAT Mumbai30 January 2026AY 2018-1968 pages
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What did the Tribunal hold?

The Tribunal allowed Ground No. 6 of the assessee's appeal, which pertained to the invocation of Section 115JB. Consequently, grounds related to book profit computation were rendered infructuous. The Revenue's grounds concerning Section 14A were dismissed as academic, and other grounds were either not adjudicated or dismissed.

What were the facts?

The assessee, Bank of India, and the Revenue filed cross-appeals against the CIT(A)'s order concerning assessment years 2016-17 and 2018-19. The appeals involved several grounds, including disallowances under Section 14A, amortization of lease premium, exclusion of foreign branch profits, and provisions for country risk and bad debts.

What were the issues?

Key issues included the applicability of Section 14A for disallowance of expenses related to exempt income, the treatment of lease premium, the exclusion of foreign branch profits under DTAA, and the computation of book profit under Section 115JB.

Which sections of the Income-tax Act were involved?

Section 14A,Section 115JB,Section 90,Section 91,Section 32,Section 37(1),Section 43D

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Cases cited in this judgment(7)Show list

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Income Tax Appellate Tribunal, “I” BENCH, MUMBAI

Before: SHRI VIKRAM SINGH YADAVSHRI SANDEEP SINGH KARHAIL

For Appellant: Shri C. Naresh
For Respondent: Shri Satya Pal Kumar, CIT (DR)

Heard together (4 matters)

ITA No.1451/MUM/2023
ITA No.1547/MUM/2023
ITA No.1452/MUM/2023
ITA No.1548/MUM/2023

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

PER BENCH : The present cross-appeals have been filed by the assessee and the Revenue challenging the separate impugned ord

The order continues below.

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