INDIAN OVERSEAS BANK,CHENNAI vs. DCIT,LTU(2), CHENNAI

ITA 203/CHNY/2023Status: DisposedITAT Chennai31 December 2024AY 2017-18Bench: HON’BLE SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER AND HON’BLE SHRI MANU KUMAR GIRI (Judicial Member)31 pages
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What did the Tribunal hold?

The Tribunal decided various grounds of appeal, some in favor of the assessee and some in favor of the revenue, based on co-ordinate bench decisions. Specific issues included deduction for bad debts and disallowance under Section 14A.

What were the facts?

The appeals by the assessee (Indian Overseas Bank) and the revenue concern assessment years 2015-16, 2016-17, and 2017-18. The issues raised were largely covered by previous decisions of the Tribunal in the assessee's own case.

What were the issues?

The primary issues involved the allowability of bad debt deductions and the applicability of Section 14A for disallowances, particularly concerning securities held as stock-in-trade. The applicability of Section 115JB for banks constituted as 'corresponding new banks' was also a key issue.

Which sections of the Income-tax Act were involved?

Section 36(1)(vii),Section 14A,Section 115JB,Section 194A

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Cases cited in this judgment(8)Show list

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Income Tax Appellate Tribunal, ‘D’ BENCH, CHENNAI

Before: HON’BLE SHRI MANOJ KUMAR AGGARWAL & HON’BLE SHRI MANU KUMAR GIRI

For Appellant: Shri. C. Naresh, C.A
Hearing: 14.11.2024Pronounced: 31.12.2024

Heard together (2 matters)

ITA Nos.661/Chny/2019
ITA Nos.914/Chny/2019

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

PER MANU KUMAR GIRI (Judicial Member)

The captioned appeals being ITA Nos.661/Chny/2019, 202/Chny/2023 and 203/Chny/2023 has been filed by the assessee and ITA Nos.914/Chny/20

The order continues below.

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