DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2(1)(1), BENGALURU, BENGALURU vs. CANARA BANK, BENGALURU

ITA 716/BANG/2024Status: DisposedITAT Bangalore10 June 2024AY 2015-16Bench: SHRI CHANDRA POOJARI (Accountant Member), SHRI KESHAV DUBEY (Judicial Member)1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal allowed the assessee's appeal regarding Section 14A disallowance by following jurisdictional High Court precedents. The issue of penalty for Banking Regulation Act violation was remitted to the AO. The revenue's appeal regarding Section 36(1)(viii) was dismissed, following a coordinate bench decision.

What were the facts?

The assessee, Canara Bank, appealed against the disallowance of expenditure under Section 14A and the taxing of interest on income tax refunds. The revenue also appealed against the deletion of additions related to Section 36(1)(viii) and a penalty for violation of Banking Regulation Act.

What were the issues?

Whether disallowance under Section 14A is applicable to banks and whether deductions under Section 36(1)(viii) are allowable for special reserves.

Which sections of the Income-tax Act were involved?

Section 14A,Section 36(1)(viii),Section 24(4)(a),Section 24(4)(b)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(10)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, “C’’ BENCH: BANGALORE

Before: SHRI CHANDRA POOJARI & SHRI KESHAV DUBEY

For Respondent: Ms. Neera Malhotra, D.R
Hearing: 06.06.2024Pronounced: 10.06.2024

PER CHANDRA POOJARI, ACCOUNTANT MEMBER:

These are cross appeals directed against the order of NFAC dated 8.12.2023 for the assessment year 2015-16. First, we will take up assessee’s appeal in ITA No.111/Bang/2024. 2. The first ground raised by the assessee in this appeal is general in nature, which do not require any adjudication.

3.

Next ground Nos.2 to 2.2 are as follows:

ITA No.111/Bang/2024 & 716/Bang/2024 M/s. Canara Bank, Bangalore 2. “The learned CIT(A) erred in

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 14A

All 15,875 judgments and leading authorities on Section 14A →

Recent GST High Court judgments

Search GST case law →