CITY UNION BANK LIMITED,KUMBAKONAM vs. ACIT CIRCLE 1, KUMBAKONAM

ITA 1121/CHNY/2019Status: DisposedITAT Chennai11 March 2024AY 2016-17Bench: SHRI V. DURGA RAO, HON’BLE (Judicial Member), SHRI MANJUNATHA. G, HON’BLE (Accountant Member)115 pages
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What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s deletion of additions towards interest on non-performing assets, following Supreme Court decisions. For bad debts and other expenses, the Tribunal directed the AO to recompute the disallowance in line with prior directions.

What were the facts?

The assessee, City Union Bank Ltd., filed appeals against the CIT(A)'s orders concerning disallowances on bad debts, CSR expenses, ESOS expenses, depreciation on investments, QIP expenses, and interest on non-performing assets. The revenue also filed appeals against the deletion of additions made by the AO.

What were the issues?

The key issues involved the allowability of bad debts, CSR expenses, ESOS expenses, depreciation on investments, QIP expenses, and interest on non-performing assets for a banking company.

Which sections of the Income-tax Act were involved?

Section 36(1)(vii),Section 36(1)(viia),Section 37,Section 35D,Section 40(a)(ia)

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Cases cited in this judgment(30)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.

आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी वी दुगा" राव, "याियक सद"य एवं "ी मंजुनाथ. जी, लेखा सद"य के सम" BEFORE SHRI V. DURGA RAO, HON’BLE JUDICIAL MEMBER AND SHRI MANJUNATHA. G, HON’BLE ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/s. City Union Bank Ltd., Asst. Commissioner of Income- Administrative Office v. tax, “Narayana”

Circle -1, 24-B, Gandhi Nagar, Kumbakonam.

Kumbakonam- 612 001. [PAN: AAACC-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ITA No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/s. City Union Bank Ltd., Deputy Commissioner of Administrative Office v.

Income-tax, “Narayana”

Circle -2(1), 24-B, Gandhi Nagar, Trichy.

Kumbakonam- 612 001. [PAN: AAACC-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ITA Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner of M/s. City Union Bank Ltd., Income-tax, v.

Administrative Office “Narayana”

Circle -1, 24-B, Gandhi Nagar, Kumbakonam.

Kumbakonam- 612 001. [PAN: AAACC-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अ

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