M/S. HOUSING DEVELOP,MENT FINANCE CORPN. LTD,MUMBAI vs. THE ADDL CIT RG-1(1), MUMBAI

ITA 287/MUM/2005Status: DisposedITAT Mumbai05 July 2024AY 2001-200245 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that provision for exchange loss on foreign currency loans is allowable on accrual basis as per mercantile system of accounting and AS-11. However, it ruled that income from housing finance for periods less than 5 years, non-residential purposes, and temporary deployment of funds are not eligible for deduction under Section 36(1)(viii).

What were the facts?

The assessee, HDFC Bank Ltd., appealed against the disallowance of provision for exchange loss on foreign currency loans and the computation of deduction under Section 36(1)(viii). The Assessing Officer and CIT(A) had made additions and disallowances related to these claims.

What were the issues?

The key issues were the allowability of provision for exchange loss on foreign currency loans and the eligibility of various income streams for deduction under Section 36(1)(viii) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 36(1)(viii),Section 45,Section 10(33),Section 10(23G)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(9)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, “D” BENCH MUMBAI

Before: SHRI GIRISH AGRAWAL & SHRI SUNIL KUMAR SINGH

Hearing: 08.05.2024Pronounced: 05.07.2024

Heard together (2 matters)

ITA No.7447/MUM/2004
ITA No.7532/MUM/2004

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

ITA Nos.7532/MUM/2004 & others HDFC Bank Ltd. AYs 1999-2000, 2000-01 & 2001-02 PER GIRISH AGRAWAL, ACCOUNTANT MEMBER:

All these six appeals by the assessee and Revenue are

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 36(1)(viii)

All 364 judgments and leading authorities on Section 36(1)(viii) →

Recent GST High Court judgments

Search GST case law →