JCIT (OSD) CIRCLE-2, TRICHY vs. THE KARUR VYSYA BANK LTD., KARUR

ITA 635/CHNY/2020Status: DisposedITAT Chennai20 September 2024AY 2017-18Bench: SHRI ABY T VARKEY, HON'BLE (Judicial Member), SHRI S. R. RAGHUNATHA, HON'BLE (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal decided that the issue of depreciation on equity shares and Security Receipts needed re-examination by the Assessing Officer. For other issues, the Tribunal upheld the CIT(A)'s findings, partly allowing the assessee's appeal and dismissing the Revenue's appeal.

What were the facts?

The assessee, Karur Vysya Bank, filed appeals against additions made by the Assessing Officer. The appeals involved issues related to depreciation on equity shares, disallowance of depreciation on Security Receipts, and disallowance of bad debts.

What were the issues?

The key issues were the allowability of depreciation on restructured equity shares and Security Receipts, and the disallowance of bad debts claimed by the bank.

Which sections of the Income-tax Act were involved?

Section 145,Section 36(1)(vii),Section 36(1)(viia)

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Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI

Before: SHRI ABY T VARKEY, HON’BLE & SHRI S. R. RAGHUNATHA, HON’BLE

For Appellant: Shri. Ananthan, CA & Smt. R. Lalitha, CA
Hearing: 05.08.2024Pronounced: 20.09.2024

PER S. R. RAGHUNATHA, ACCOUNTANT MEMBER:

These two cross appeals filed by the assessee, and revenue are directed against the order pas

The order continues below.

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