M/S. CENTRAL BK OF INDIA,MUMBAI vs. THE DY CIT RG 2(1), MUMBAI

PDF · subscribers
ITA 3639/MUM/2004Status: DisposedITAT Mumbai11 May 2018AY 2000-20014 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal decided that all the grounds of appeal raised by the assessee were covered by its earlier orders. Consequently, the appeals filed by the assessee were allowed.

What were the facts?

The assessee, Central Bank of India, filed appeals against the orders of the Commissioner of Income Tax (Appeals) for multiple assessment years. The appeals involved common issues that were covered by previous Tribunal orders.

What were the issues?

The key issues involved the disallowance of non-rural debts, payments on Master Card/Visa without TDS, expenses under Section 14A, and adjustments for book profits under MAT provisions.

Which sections of the Income-tax Act were involved?

Section 36(1)(vii),Section 195,Section 14A,Section 115JA,Section 115JB,Section 234B,Section 234D

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(2)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.

Order u/s.254(1)of the Income-tax Act,1961(Act) लेखा लेखा सद�य लेखा लेखा सद�य सद�य,राजे�� सद�य राजे�� राजे�� केकेकेके अनुसार राजे�� अनुसार अनुसार-/PER RAJENDRA, AM- अनुसार Challenging the orders of Commissioners of Income tax (Appeals),Mumbai the assessee has filed the appeals for the above mentioned assessment years.(AY.s)raising various Grounds of appeals.As most of the issues in the appeals are common,so,we are adjudicating them together.The assessee is a nationalized bank, engaged in the business of banking. 2.Details of dates of filing of return of income, returned income, date of assessment, assessed income and date of orders of CIT(A) can be tabulated as under :- A.Y. ROI filed on Returned Income Asst. date Assessed Income CIT(A)order dtd. 2000-01 29/11/2000 Nil 24/03/2003 Rs.283.66 crores 27/02/2004 2001-02 31/10/2001 (-)Rs.277.91 crores 28/03/2003 Rs.165.00 crores 26/03/2004 2002-03 31/10/2002 Rs.37.60 lakhs 24/02/2005 Rs.399.67 crores 13/01/2011 2003-04 25/11/2003 Rs.2.48 crores 14/03/2005 Rs.786.39 crores 19/01/2011 2005-06 29/10/2005 Rs.580.66 crores 31.12.2007 Rs.805.77 crores 30/12/2010 2006-07 28/11/2006 Rs.73.95 crores 22/12/2008 Rs.583.20 crores 30/12/2010 2007-08 28/10/2007 Rs.265.20 crores 13/03/2009 Rs.888.69 crores 16/08/2011

3639/M/04 +6 –Central Bank of India 3.During the course of hearing before us, the Representatives of both the sides agreed that all the issues stand covered by the orders of the Tribunal delivered for the earlier AY.s. We are arranging the issues,Grounds and the above mentioned AY.s in the table given below:-

SN. ISSUE Gs.OA No. Tribunal order/Case laws Para of Tribunal order

1.

Disallowance of non- II(1)for AY.s.2000-01 and ITA/1525&3649/Mum/ Para-10 to 13 rural debts written off 2001-02, 2013 for AY 2008-09 u/s. 36(1)(vii) and 1(a)for AYs.2002-03, ITA/1561 &3438/Mum 2005-06 and 2006-07 /2013dtd.03/10/2017 AY. 2009-10) ; 6(a)for AY.2003-04 ii)Catholic Syrian GOA 1 for AY. 2007-08 Bank(343ITR270)

2.

Disallowance of GOA.II(2) for AY.s. i) Para-3 to 3.4(of payment of Master 2000-01 & 2001-02 for AY 1999-00 ITAT order) Card/Visa on the dtd.24/09/2010 ground that TDS had not been deducted u/s. ii) Citibank N.A. Para-6-9 ( High 195 (377 ITR 69) Court order)

3.

Disallowance of Gr.No.II(3) for AY.s. i) Para-5, 7, 10 (of expenses u/s. 14A 2000-01 & 2001-02; for AY 1998-99 & ITA ITAT order) Gr.No.2 (not No.4450/M/2003 for AY pressed)(2002-03); 1999-2000 dated Gr.No.1(b)(not 23/09/2015 pressed);(2003-04); Ground No.2 for A.Y.s 2005-06 & 2006-07; Ground No.2(a) for A.Y. 2007-08

4.

i) BOOK PROFIT Non-applicability of Addl. Ground for A.Y.s MAT provisions u/s. 2000-01, 2001-02, 2001- 115JA/115 JB 02, 2002-03

Ground No.5 for Decided by ITAT , Mumbai vide its order A.Y.2003-04 dtd. 12/08/2016(Para 3-5 on Page-5-7) in 3639/M/04 +6 –Central Bank of India 4.(ii) Disallowance of Bad Ground No.1(a) for A.Y. (00-01); debts written off while 2000-01 & 2001-02 computing Book 3640/M/2004 (01-02); 2557/M/11 (02-03); profits u/s. 115JA 2364/M/11 (02-03); 2558/M/11 (03-04);

2363/M/11(03-04); 1432/M/11 (05-06);

1528/M/11 (06-07) &7652/M/11 (07-08)

4.(iii) Disallowance of Ground No.1(b) for A.Y. expenses u/s. 14A 2001-02, 2001-02

Ground No.2(b) (2002- 03);

Ground No.1(a) (2003- 04)

4.(iv) Adjustment of Ground No.2(a) for A.Y provision for non 2003-04 performing assets/bad debts while computing book profits 4.(v) Disallowance of Ground No.3 for A.Y provision of Standard 2003-04 Assets while computing book profits 4.(vi) Disallowance of Ground No.4 for A.Y provision for 2003-04 restructured Accounts and Fraud while computing book profits

3639/M/04 +6 –Central Bank of India Respectfully,following the above orders of the Tribunal,we allow all the aforesaid grounds of appeal raised by the assessee. 3.1.Levy of interest u/s.234B and 234 D is the subject matter of remaining two grounds.As the issues are consequential in nature,so,we are not adjudicating them.

More judgments on Section 36(1)(vii)

All 1,429 judgments and leading authorities on Section 36(1)(vii) →

Recent GST High Court judgments

Search GST case law →