ACIT, NON-CORPORATE CIRLE-8, CHENNAI vs. INDIAN OVERSEAS BANK, CHENNAI

ITA 254/CHNY/2023Status: DisposedITAT Chennai31 December 2024AY 2017-1831 pages
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What did the Tribunal hold?

The Tribunal held that the issue of bad debts deduction should be remitted back to the AO for verification of the assessee's claim regarding the absence of an opening balance in provisions. For the disallowance under Section 14A, the issue was remitted to the AO for fresh consideration based on prior tribunal decisions.

What were the facts?

The assessee, Indian Overseas Bank, claimed deductions for bad debts and contributions to a staff welfare fund. The Assessing Officer (AO) made additions and disallowed certain claims. The Commissioner of Income Tax (Appeals) [CIT(A)] also passed orders on these matters.

What were the issues?

Whether the deduction for bad debts written off is allowable, and whether disallowance under Section 14A is warranted when investments are held as stock-in-trade.

Which sections of the Income-tax Act were involved?

Section 36(1)(vii),Section 14A

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, D BENCH, CHENNAI

Before: HONBLE SHRI MANOJ KUMAR AGGARWAL & HONBLE SHRI MANU KUMAR GIRI

For Appellant: Shri. C. Naresh, C.A
For Respondent: Shri. A. Sasikumar, IRS. CIT
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/2019, 253/Chny/2023 and 254/Chny/2024 has been filed by the revenue for assessment years 2015-16, 2016-2017 and 2017-2018

The order continues below.

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