American Express International Banking Corpn v. CIT

125 Taxmann 488High Court2002#3540 most cited

What is American Express International Banking Corpn v. CIT authority for?

Interest paid for the broken period on purchase of dated government securities and interest received for the broken period on sale of such securities, if treated as trading assets, can be claimed as revenue expenditure under section 28. Income falling under section 18 of the Income Tax Act cannot also fall under section 28.

33

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2025.

Also referred to as

American Express International Banking Corporation v. CIT · section 28 · section 18 · revenue expenditure · broken period interest · dated government securities · trading assets · income from securities

Sections most often in play

Section 193Section 194ASection 2(28A)Section 201(1A)Section 191Section 2(28B)Section 201Section 133(2)

Issues it is cited on

section 57(i)section 2(d)section 90(3)section 2(26)section 129(1)section 2(17)section 5(c)section 43dsection 36(2)(v)section 41(4)section 46section 46a

Judgments citing American Express International Banking Corpn v. CIT

DCIT 2(2)(2), Mumbai vs. Yes Bank Ltd., Mumbai

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

ITA 3236/MUM/2018[2011-12]Status: DisposedITAT Mumbai28 Jun 2022AY 2011-12

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Yogesh Thar, ARFor Respondent: Shri Shekhar L. Gajbhiye, CIT
Section 14ASection 35DSection 40

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI SANDEEP SINGH KARHAIL, JM ITA No. 3499/Mum/2018 (Assessment Year 2012-13) The Deputy Commissioner of Income Tax , Yes Bank Limited 9th Floor, Nehru Centre, Circle 2(2)(2) Discovery of India, Dr. AB Road, 545, Aykar Bhavan, Vs. Worli, Mumbai-400 018 MK road, Mumbai-400 020 (Respondent) (Appellant) PAN No. AAACY2068D ITA No. 3237/Mum/2018 (Assessment Year 2012-13) The Deputy Commissioner of Income Tax , Yes Bank Limited 9th Floor, Nehru Centre, Circle 2(2)(2) 545, Aaykar Bhavan, Discovery of India, Dr. AB Road, Vs. Wo…

The Commissioner of Income Tax vs. State Bank of India(Sbi)

In the result, the appeals fail and are hereby

ITA/27/2013HC Karnataka08 Sept 2020

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 260Section 260A

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 8TH DAY OF SEPTEMBER 2020 PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND THE HON’BLE MR. JUSTICE H.T.NARENDRA PRASAD I.T.A. NO.27 OF 2013 C/W I.T.A. NO.26 OF 2013 I.T.A. NO.27 OF 2013 BETWEEN: 1. THE COMMISSIONER OF INCOME-TAX LTU, JSS TOWERS BSK III STAGE, BANGALORE. 2. THE COMMISSIONER OF INCOME-TAX (APPEALS) LTU, JSS TOWERS BSK III STAGE, BANGALORE. ... APPELLANTS (BY SRI. K.V. ARAVIND, ADV.,) AND: STATE BANK OF INDIA (SBI) HEAD OFFICE, P.B. NO.9727 K.G. ROAD, BANGALORE. ... RESPONDENT (B…

The Commissioner of Income Tax vs. State Bank of India(Sbi)

In the result, the appeals fail and are hereby

ITA/26/2013HC Karnataka08 Sept 2020

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 260Section 260A

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 8TH DAY OF SEPTEMBER 2020 PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND THE HON’BLE MR. JUSTICE H.T.NARENDRA PRASAD I.T.A. NO.27 OF 2013 C/W I.T.A. NO.26 OF 2013 I.T.A. NO.27 OF 2013 BETWEEN: 1. THE COMMISSIONER OF INCOME-TAX LTU, JSS TOWERS BSK III STAGE, BANGALORE. 2. THE COMMISSIONER OF INCOME-TAX (APPEALS) LTU, JSS TOWERS BSK III STAGE, BANGALORE. ... APPELLANTS (BY SRI. K.V. ARAVIND, ADV.,) AND: STATE BANK OF INDIA (SBI) HEAD OFFICE, P.B. NO.9727 K.G. ROAD, BANGALORE. ... RESPONDENT (B…

Unitech Marketing Services, Mumbai vs. ACIT - Circle -17 (3), Mumbai

The appeal of the assessee is allowed for statistical purposes

ITA 5254/MUM/2018[2013-14]Status: DisposedITAT Mumbai24 Aug 2020AY 2013-14

Bench: Shri Pramod Kumar & Shri Amarjit Singhm/S Unitech Marketing Services, Asst. Commissioner Of Income Tax, 511, Plot No. 15, Raheja Plaza, Circle-17(3), Co. Soc. Ltd. Veera Desai Road, Aayakar Bhavan, 1St Floor, Vs. Shah Industrial Estate, Mumbai Mumbai – 400 053

For Appellant: Shri V. P. Kothari, A.RFor Respondent: Shri Padma Ram Mirdha, D.R
Section 143(2)Section 143(3)Section 14A

…M/s Unitech Marketing Services Vs. Asst. Commissioner of Income Tax, Circle-17(3) 1 ITA No.5254/Mum/2018 A.Y. 2013-14 IN THE INCOME TAX APPELLATE TRIBUNAL “F” Bench, Mumbai Before Shri Pramod Kumar, Vice President and Shri Amarjit Singh, Judicial Member M/s Unitech Marketing Services, Asst. Commissioner of Income Tax, 511, Plot No. 15, Raheja Plaza, Circle-17(3), Co. Soc. Ltd. Veera Desai Road, Aayakar Bhavan, 1st Floor, Vs. Shah Industrial Estate, Mumbai Mumbai – 400 053 PAN – AAAFU7279F (Appellant) (Respondent) Appellant by: Shri V. P. Kothari, A.R Respondent by: Shri Padma Ram Mirdha, D.R Date of Hearin…

Assistant Commissioner of Income Tax 2(3)(2), Mumbai vs. Kotak Mahindra Bank Limited, Mumbai

In the result, both the appeals filed by the revenue are dismissed

ITA 781/MUM/2018[2013-14]Status: DisposedITAT Mumbai27 Aug 2019AY 2013-14

Bench: Shri Shamim Yahya & Shri Pawan Singh

Section 143(3)Section 14ASection 36Section 36(1)(vii)

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “H”, MUMBAI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH JUDICIAL MEMBER ITA Nos. 781 & 782/Mum/2018 (Assessment year: 2013-14 & 2014-15) ACIT-2(3)(2), Vs M/s Kotak Mahindra Bank Ltd Room No. 552, 5th Floor, 27, BKC, C-27, “G Block Aayakar Bhawan, M.K.Road, Bandra Kurla Complex, Mumbai Bandra (E) Mumbai-400 051 PAN : AAACK4409J APPELLANT RESPONDEDNT Appellant by Shri B. Srinivas, CIT-DR Respondent by Shri FV Irani / Chetan Kaka-ARs Date of hearing 31-07-2019 Date of pronouncement 27-08-2019 O R D E R Per Pawan Singh, Judicial Member : 1. These…

ACIT, Circle - 40, Kolkata vs. The West Bengal State Co-Operative Bank Ltd., Kolkata

In the result, the appeals of the Revenue are dismissed

ITA 325/KOL/2018[2014-15]Status: DisposedITAT Kolkata03 Apr 2019AY 2014-15

Bench: Shri Aby. T. Varkey & Shri M. Balaganeshi.T.A. Nos.324 & 325/Kol/2018 (Assessment Years 2013-14 & 2014-15 Respectively) A.C.I.T, Circle-40, The W.B. State Co-Op Bank Ltd. Kolkata -Vs- [Pan : Aaaat7072N]

Section 143(3)

…in ITA No.237/Kol/2016 dated 19.01.2018 wherein this Tribunal upheld the order of the ld. CIT(A) in following the decisions of the Hon’ble Bombay High Court in the case of American Express International Banking Corporation v. Commissioner of Income tax [2002] 125 Taxmann 488 (Bom.) and accordingly dismissed the appeal of the Revenue. 5. The ld. DR fairly agreed that this issue is covered in favour of the assessee by the order of this Tribunal and also by the order of ld. Assessing Officer for Assessment Year 2009-10. 6. We have heard the rival submissions. We find that the ld. Assessing Officer in giving effect…

ACIT, Circle - 40, Kolkata vs. The West Bengal State Co-Operative Bank Ltd., Kolkata

In the result, the appeals of the Revenue are dismissed

ITA 324/KOL/2018[2013-14]Status: DisposedITAT Kolkata03 Apr 2019AY 2013-14

Bench: Shri Aby. T. Varkey & Shri M. Balaganeshi.T.A. Nos.324 & 325/Kol/2018 (Assessment Years 2013-14 & 2014-15 Respectively) A.C.I.T, Circle-40, The W.B. State Co-Op Bank Ltd. Kolkata -Vs- [Pan : Aaaat7072N]

Section 143(3)

…in ITA No.237/Kol/2016 dated 19.01.2018 wherein this Tribunal upheld the order of the ld. CIT(A) in following the decisions of the Hon’ble Bombay High Court in the case of American Express International Banking Corporation v. Commissioner of Income tax [2002] 125 Taxmann 488 (Bom.) and accordingly dismissed the appeal of the Revenue. 5. The ld. DR fairly agreed that this issue is covered in favour of the assessee by the order of this Tribunal and also by the order of ld. Assessing Officer for Assessment Year 2009-10. 6. We have heard the rival submissions. We find that the ld. Assessing Officer in giving effect…

DCIT 2(1)(1), Mumbai vs. Bank of India, Mumbai

In the result, Revenue’s appeal is dismissed

ITA 4357/MUM/2016[2011-12]Status: DisposedITAT Mumbai25 May 2018AY 2011-12

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwaldy. Commissioner Of Income Tax ……………. Appellant Circle–2(1)(1), Mumbai V/S Bank Of India Star House, C–5, G–Block Bandra Kurla Complex ……………. Respondent Bandra (E), Mumbai 400 051 Pan – Aaacb0472C Bank Of India Star House, C–5, G–Block Bandra Kurla Complex ……………. Appellant Bandra (E), Mumbai 400 051 Pan – Aaacb0472C V/S Dy. Commissioner Of Income Tax ……………. Respondent Circle–2(1)(1), Mumbai

For Appellant: Shri C. NareshFor Respondent: Shri Ajit Kumar Shrivastava
Section 3Section 36(1)(viii)

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER Dy. Commissioner of Income Tax ……………. Appellant Circle–2(1)(1), Mumbai v/s Bank of India Star House, C–5, G–Block Bandra Kurla Complex ……………. Respondent Bandra (E), Mumbai 400 051 PAN – AAACB0472C Bank of India Star House, C–5, G–Block Bandra Kurla Complex ……………. Appellant Bandra (E), Mumbai 400 051 PAN – AAACB0472C v/s Dy. Commissioner of Income Tax ……………. Respondent Circle–2(1)(1), Mumbai Revenue by : Shri Ajit Kumar Shrivastava Assessee by : Shri C. Naresh Date of…

ACIT, Circle - 40, Kolkata vs. The West Bengal State Co-Operative Bank Limited, Kolkata

In the result, appeal of the revenue is dismissed

ITA 237/KOL/2016[2010-2011]Status: DisposedITAT Kolkata19 Jan 2018AY 2010-2011

Bench: Sri J. Sudhakar Reddy & Sri S. S. Viswanethra Ravi]

Section 250

…A.O. or the Ld. CIT(A). The addition under such circumstances cannot be sustained.” 3. The ld. CIT(A) applied the judgment of the Hon’ble Bombay High Court in the case of American Express International Banking Corporation v. Commissioner of Income-tax [2002] 125 Taxmann 488 (BOM.), wherein it is held as follows:- “Assessee used to pay interest for broken period to seller on purchase of dated Government securities while used to receive interest for broken period from purchaser on sale of such securities - Bank claimed difference of amount paid and amount received as revenue expenditure - Whether once an income fa…

ADIT (It)-3(2), Mumbai vs. M/S. Barclays Bank Plc., Mumbai

ITA 2050/MUM/2007[2002-2003]Status: DisposedITAT Mumbai22 Jun 2016AY 2002-2003

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No.2050/Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03 The Adit(It)-3(2), Barclays Bank Plc, बनाम/ Scindia House, 21/23, Maker Chambers-Vi, Vs. N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.Ta No.1728/Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03 Barclays Bank Plc, The Adit(It)-3(2), बनाम/ 21/23, Maker Chambers- Scindia House, Vs. Vi, N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.Ta No.4654/Mum/2007 ("नधा"रण वष" / Assessment Year: 2003-04 The Adit(It)-3(2), Barclays Bank Plc, बनाम/ Scindia House, 21/23, Maker Chambers-Vi, Vs. N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.Ta No.4668/Mum/2007 ("नधा"रण वष" / Assessment Year: 2003-04 Barclays Bank Plc, The Adit(It)-3(2), बनाम/ 21/23, Maker Chambers- Scindia House, Vs. Vi, N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacb 4876G .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri P. PardiwalaFor Respondent: Deshpande
Section 115ASection 115A(1)Section 115A(1)(B)Section 28Section 57

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ , मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI RAJENDRA, , ACCOUNTANT MEMBER AND SHRI C.N. PRASAD, JUDICIAL MEMBER आयकर अपील सं /I.TA No.2050/Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03 The ADIT(IT)-3(2), Barclays Bank PLC, बनाम/ Scindia House, 21/23, Maker Chambers-VI, Vs. N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.TA No.1728/Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03 Barclays Bank PLC, The ADIT(IT)-3(2), बनाम/ 21/23, Maker Chambers- Scindia House, Vs. VI, N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400…

M/S. Barclays Bank Plc, Mumbai vs. DDIT (I.T) - 3(2), Mumbai

ITA 1728/MUM/2007[2002-2003]Status: DisposedITAT Mumbai22 Jun 2016AY 2002-2003

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No.2050/Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03 The Adit(It)-3(2), Barclays Bank Plc, बनाम/ Scindia House, 21/23, Maker Chambers-Vi, Vs. N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.Ta No.1728/Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03 Barclays Bank Plc, The Adit(It)-3(2), बनाम/ 21/23, Maker Chambers- Scindia House, Vs. Vi, N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.Ta No.4654/Mum/2007 ("नधा"रण वष" / Assessment Year: 2003-04 The Adit(It)-3(2), Barclays Bank Plc, बनाम/ Scindia House, 21/23, Maker Chambers-Vi, Vs. N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.Ta No.4668/Mum/2007 ("नधा"रण वष" / Assessment Year: 2003-04 Barclays Bank Plc, The Adit(It)-3(2), बनाम/ 21/23, Maker Chambers- Scindia House, Vs. Vi, N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacb 4876G .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri P. PardiwalaFor Respondent: Deshpande
Section 115ASection 115A(1)Section 115A(1)(B)Section 28Section 57

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ , मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI RAJENDRA, , ACCOUNTANT MEMBER AND SHRI C.N. PRASAD, JUDICIAL MEMBER आयकर अपील सं /I.TA No.2050/Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03 The ADIT(IT)-3(2), Barclays Bank PLC, बनाम/ Scindia House, 21/23, Maker Chambers-VI, Vs. N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.TA No.1728/Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03 Barclays Bank PLC, The ADIT(IT)-3(2), बनाम/ 21/23, Maker Chambers- Scindia House, Vs. VI, N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400…

ACIT, New Delhi vs. Oriental Bank of Commerce, New Delhi

In the result, appeal of the assessee and revenue is partly allowed

ITA 1961/DEL/2011[2007-08]Status: DisposedITAT Delhi04 Nov 2015AY 2007-08

Bench: Sh. I.C.Sudhir, Jm & Sh. Prashant Maharishi, Am Asstt. Year: 2007-08

For Appellant: Sh. K.V.S.R.Krishna, CAFor Respondent: Sh. R.R.Singh, CIT., DR
Section 14ASection 36(1)(vii)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI BEFORE SH. I.C.SUDHIR, JM AND SH. PRASHANT MAHARISHI, AM Asstt. Year: 2007-08 Oriental Bank of Commerce Vs Addl. CIT F-14, IVth Floor, Range-13 Competent House, Connaught Place New Delhi New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACO0191M Asstt. Year: 2007-08 ACIT Vs Oriental Bank of Commerce Circle – 13(1), Room No. 406, F-14, IVth Floor, C.R.Building, I.P.Estate Competent House, Connaught Place New Delhi New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACO0191M Assessee by : Sh. K.V.S.R.Krishna, CA Revenue by : Sh. R.R.Singh, CIT., DR Date of H…

Oriental Bank of Commerce, New Delhi vs. Addl. CIT, New Delhi

In the result, appeal of the assessee and revenue is partly allowed

ITA 1937/DEL/2011[2007-08]Status: DisposedITAT Delhi04 Nov 2015AY 2007-08

Bench: Sh. I.C.Sudhir, Jm & Sh. Prashant Maharishi, Am Asstt. Year: 2007-08

For Appellant: Sh. K.V.S.R.Krishna, CAFor Respondent: Sh. R.R.Singh, CIT., DR
Section 14ASection 36(1)(vii)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI BEFORE SH. I.C.SUDHIR, JM AND SH. PRASHANT MAHARISHI, AM Asstt. Year: 2007-08 Oriental Bank of Commerce Vs Addl. CIT F-14, IVth Floor, Range-13 Competent House, Connaught Place New Delhi New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACO0191M Asstt. Year: 2007-08 ACIT Vs Oriental Bank of Commerce Circle – 13(1), Room No. 406, F-14, IVth Floor, C.R.Building, I.P.Estate Competent House, Connaught Place New Delhi New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACO0191M Assessee by : Sh. K.V.S.R.Krishna, CA Revenue by : Sh. R.R.Singh, CIT., DR Date of H…