American Express International Banking Corporation v. CIT

DCIT-3(4), Mumbai vs. M/S Idbi Bank Ltd, Mumbai

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit- 3(4) V. M/S. Idbi Bank Ltd 29Th Floor, Center-1 Central Processing Unit (Tds) World Trade Center, Cuffe Parade Plot No. 82/83, Elemach Bldg Mumbai- 400005 Road No. 7, Street No. 15 Midc, Andheri (E) Mumbai- 400093 Pan: Aabci8842G (Appellant) (Respondent) M/S. Idbi Bank Ltd V. Acit/Dcit-Ltu 22Nd Floor, Idbi Tower 29Th Floor, Centre No. 1 Wtc Complex, Cuffe Parade World Trade Centre, Cuffe Parade Mumbai- 400005 Mumbai- 400005 Pan: Aabci8842G (Appellant) (Respondent)

…nt paid by the bank towards BPI on securities purchased by it is not an allowable business deduction but has to be considered as the purchase price paid for acquiring the securities after considering the case of American Express International Banking vs. CIT (258 ITR 601) in detail. In view of the above discussion the hon'ble ITAT is requested to uphold the addition made by the AO of BPI.” 4. On the other hand, Ld. AR of the assessee submitted that this issue under consideration is decided in favour of the assessee and against the department by Hon'ble Bombay High Court in the case of State Bank of India in ITA.…

ADIT (I.T)-3(2), Mumbai vs. M/S. the Bank of Nova Scotia, Mumbai

In the result, appeal of the assessee is partly allowed

Bench: Shri Vikas Awasthy& Shri Amarjit Singh आअसं.6818/मुं/2006 ("न.व. 2002-03) The Bank Of Nova Scotia, Mittal Towers, B-Wing, Nariman Point, Mumbai 400 020. Pan: Aaacb-1536-H ...... अपीलाथ"/Appellant बनाम Vs. Deputy Director Of Income Tax (International Taxation)-3(2), Scindia House, Ballard Pier, Mumbai 400 038. ..... ""तवाद"/Respondent आअसं.651/मुं/2007 ("न.व. 2002-03) Adit(It)-3(2),Mumbai R. No.132, 1St Floor, N.M.Road, Mumbai – 400 038. ...... अपीलाथ"/Appellant बनाम Vs. The Bank Of Nova Scotia, Mittal Towers, B-Wing, Nariman Point, Mumbai 400 020. Pan: Aaacb-1536-H ..... ""तवाद"/Respondent

…ting to Rs.9,32,48,681/- on securities held as stock in trade on 31/03/2002. The Assessing Officer disallowed the same. The CIT(A) deleted the addition placing reliance on the decision in the case of American Express International Banking Corporation vs. CIT, 258 ITR 601(Bom). 9.1. The ld. Authorized Representative for the assessee submitted that it is now well settled that broken period interest is allowable. The ld. Authorized Representative for the assessee pointed that the Hon’ble Apex Court in the case of CIT vs. State Bank of India,281 Taxman 368. has dismissed the SLP filed against the decision of Hon’ble…

M/S. the Bank of Nova Scotia, Mumbai vs. DDIT (I.T) - 3(20, Mumbai

In the result, appeal of the assessee is partly allowed

Bench: Shri Vikas Awasthy& Shri Amarjit Singh आअसं.6818/मुं/2006 ("न.व. 2002-03) The Bank Of Nova Scotia, Mittal Towers, B-Wing, Nariman Point, Mumbai 400 020. Pan: Aaacb-1536-H ...... अपीलाथ"/Appellant बनाम Vs. Deputy Director Of Income Tax (International Taxation)-3(2), Scindia House, Ballard Pier, Mumbai 400 038. ..... ""तवाद"/Respondent आअसं.651/मुं/2007 ("न.व. 2002-03) Adit(It)-3(2),Mumbai R. No.132, 1St Floor, N.M.Road, Mumbai – 400 038. ...... अपीलाथ"/Appellant बनाम Vs. The Bank Of Nova Scotia, Mittal Towers, B-Wing, Nariman Point, Mumbai 400 020. Pan: Aaacb-1536-H ..... ""तवाद"/Respondent

…ting to Rs.9,32,48,681/- on securities held as stock in trade on 31/03/2002. The Assessing Officer disallowed the same. The CIT(A) deleted the addition placing reliance on the decision in the case of American Express International Banking Corporation vs. CIT, 258 ITR 601(Bom). 9.1. The ld. Authorized Representative for the assessee submitted that it is now well settled that broken period interest is allowable. The ld. Authorized Representative for the assessee pointed that the Hon’ble Apex Court in the case of CIT vs. State Bank of India,281 Taxman 368. has dismissed the SLP filed against the decision of Hon’ble…

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

In the result this ground of appeal is dismissed

Bench: Shri Aby T Varkey () & Shri Amarjit Singh ()

…l expenditure. The assessee made a detailed submission which has been reproduced by the Assessing Officer in para 10.2 of the assessment order wherein the assessee had also relied on the decision of the Bombay High Court in the case of American Express vs CIT 258 ITR 601 (Bom). The assessee has also relied on the various other decisions of the Tribunal. However, the Assessing Officer has not agreed with the submission of the assessee and held that the broken period interest is not allowable on investment as the same constitutes capital expenditure. The assessee filed appeal before the Ld.CIT(A). The Ld.CIT(A) all…

ACIT-2(3)(2), Mumbai vs. M/S Kotak Mahindra Bank Ltd, Mumbai

In the result this ground of appeal is dismissed

Bench: Shri Aby T Varkey () & Shri Amarjit Singh ()

…l expenditure. The assessee made a detailed submission which has been reproduced by the Assessing Officer in para 10.2 of the assessment order wherein the assessee had also relied on the decision of the Bombay High Court in the case of American Express vs CIT 258 ITR 601 (Bom). The assessee has also relied on the various other decisions of the Tribunal. However, the Assessing Officer has not agreed with the submission of the assessee and held that the broken period interest is not allowable on investment as the same constitutes capital expenditure. The assessee filed appeal before the Ld.CIT(A). The Ld.CIT(A) all…

Kotak Mahindra Bank Ltd, Mumbai vs. Asst CIT Circle 2 (3)(2), Mumbai

In the result this ground of appeal is dismissed

Bench: Shri Aby T Varkey () & Shri Amarjit Singh ()

…l expenditure. The assessee made a detailed submission which has been reproduced by the Assessing Officer in para 10.2 of the assessment order wherein the assessee had also relied on the decision of the Bombay High Court in the case of American Express vs CIT 258 ITR 601 (Bom). The assessee has also relied on the various other decisions of the Tribunal. However, the Assessing Officer has not agreed with the submission of the assessee and held that the broken period interest is not allowable on investment as the same constitutes capital expenditure. The assessee filed appeal before the Ld.CIT(A). The Ld.CIT(A) all…

Kotak Mahindra Bank Ltd, Mumbai vs. Asst CIT Circle 2 (3)(2), Mumbai

In the result this ground of appeal is dismissed

Bench: Shri Aby T Varkey () & Shri Amarjit Singh ()

…l expenditure. The assessee made a detailed submission which has been reproduced by the Assessing Officer in para 10.2 of the assessment order wherein the assessee had also relied on the decision of the Bombay High Court in the case of American Express vs CIT 258 ITR 601 (Bom). The assessee has also relied on the various other decisions of the Tribunal. However, the Assessing Officer has not agreed with the submission of the assessee and held that the broken period interest is not allowable on investment as the same constitutes capital expenditure. The assessee filed appeal before the Ld.CIT(A). The Ld.CIT(A) all…

Kotak Mahindra Bank Ltd, Mumbai vs. Asst CIT Circle 2 (3)(2), Mumbai

In the result this ground of appeal is dismissed

Bench: Shri Aby T Varkey () & Shri Amarjit Singh ()

…l expenditure. The assessee made a detailed submission which has been reproduced by the Assessing Officer in para 10.2 of the assessment order wherein the assessee had also relied on the decision of the Bombay High Court in the case of American Express vs CIT 258 ITR 601 (Bom). The assessee has also relied on the various other decisions of the Tribunal. However, the Assessing Officer has not agreed with the submission of the assessee and held that the broken period interest is not allowable on investment as the same constitutes capital expenditure. The assessee filed appeal before the Ld.CIT(A). The Ld.CIT(A) all…

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

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

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

…oncerned, we find no infirmity in the orders passed by the CIT (Appeals) or the ITAT. In deciding this issue, CIT (Appeals) and the ITAT have merely followed the judgment of this Court in the case of American Express International Banking Corpn. v. CIT [2002] 258 ITR 601/125 Taxman 488. On going through the said judgment, we find that question (B) reproduced above and projected as substantial by Mr Suresh Kumar is squarely answered by the judgment of ITA No. 3498 to 3500 & 3236 to 3238/Mum/2018 Yes Bank Limited; A.Y. 11-12 to 13-14 this Court in the case of American Express International Banking Corpn. (supra). I…

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

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

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

…oncerned, we find no infirmity in the orders passed by the CIT (Appeals) or the ITAT. In deciding this issue, CIT (Appeals) and the ITAT have merely followed the judgment of this Court in the case of American Express International Banking Corpn. v. CIT [2002] 258 ITR 601/125 Taxman 488. On going through the said judgment, we find that question (B) reproduced above and projected as substantial by Mr Suresh Kumar is squarely answered by the judgment of ITA No. 3498 to 3500 & 3236 to 3238/Mum/2018 Yes Bank Limited; A.Y. 11-12 to 13-14 this Court in the case of American Express International Banking Corpn. (supra). I…

Yes Bank Limited, Mumbai vs. DCIT - 2(2)(2), Mumbai

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

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

…oncerned, we find no infirmity in the orders passed by the CIT (Appeals) or the ITAT. In deciding this issue, CIT (Appeals) and the ITAT have merely followed the judgment of this Court in the case of American Express International Banking Corpn. v. CIT [2002] 258 ITR 601/125 Taxman 488. On going through the said judgment, we find that question (B) reproduced above and projected as substantial by Mr Suresh Kumar is squarely answered by the judgment of ITA No. 3498 to 3500 & 3236 to 3238/Mum/2018 Yes Bank Limited; A.Y. 11-12 to 13-14 this Court in the case of American Express International Banking Corpn. (supra). I…

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 –

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

…oncerned, we find no infirmity in the orders passed by the CIT (Appeals) or the ITAT. In deciding this issue, CIT (Appeals) and the ITAT have merely followed the judgment of this Court in the case of American Express International Banking Corpn. v. CIT [2002] 258 ITR 601/125 Taxman 488. On going through the said judgment, we find that question (B) reproduced above and projected as substantial by Mr Suresh Kumar is squarely answered by the judgment of ITA No. 3498 to 3500 & 3236 to 3238/Mum/2018 Yes Bank Limited; A.Y. 11-12 to 13-14 this Court in the case of American Express International Banking Corpn. (supra). I…

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 –

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

…oncerned, we find no infirmity in the orders passed by the CIT (Appeals) or the ITAT. In deciding this issue, CIT (Appeals) and the ITAT have merely followed the judgment of this Court in the case of American Express International Banking Corpn. v. CIT [2002] 258 ITR 601/125 Taxman 488. On going through the said judgment, we find that question (B) reproduced above and projected as substantial by Mr Suresh Kumar is squarely answered by the judgment of ITA No. 3498 to 3500 & 3236 to 3238/Mum/2018 Yes Bank Limited; A.Y. 11-12 to 13-14 this Court in the case of American Express International Banking Corpn. (supra). I…

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 –

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

…oncerned, we find no infirmity in the orders passed by the CIT (Appeals) or the ITAT. In deciding this issue, CIT (Appeals) and the ITAT have merely followed the judgment of this Court in the case of American Express International Banking Corpn. v. CIT [2002] 258 ITR 601/125 Taxman 488. On going through the said judgment, we find that question (B) reproduced above and projected as substantial by Mr Suresh Kumar is squarely answered by the judgment of ITA No. 3498 to 3500 & 3236 to 3238/Mum/2018 Yes Bank Limited; A.Y. 11-12 to 13-14 this Court in the case of American Express International Banking Corpn. (supra). I…

The ACIT RG 1(1), Mumbai vs. M/S. Associated Cement Co., Mumbai

Appeal of the Revenue is partly allowed while the appeal of the Assessee is dismissed

…e incurred for smooth running of business of the Assessee by relying upon the decision of Hon‟ble Bombay High Court in the case of Otis Elevator Co (I) Ltd. vs. CIT (1992) 195 ITR 682 (Bom) and American Express International Banking Corporation vs. CIT (2002) 258 ITR 601 (Bom). The CIT(A) also noted that similar issue has been decided by the Tribunal in the favour of the Assessee in the Assessee‟s own case for Assessment Year 1987-1988 to 1991-1992. 8.3. We have heard the rival contentions and perused the material on record. We note that the Tribunal has decided identical issue in the favour of the Assessee in As…

M/S. Acc Ltd ( Formely Known As the Associated Cememtn Companies Ltd), Mumbai vs. The Addl CIT RG 1(1), Mumbai

Appeal of the Revenue is partly allowed while the appeal of the Assessee is dismissed

…e incurred for smooth running of business of the Assessee by relying upon the decision of Hon‟ble Bombay High Court in the case of Otis Elevator Co (I) Ltd. vs. CIT (1992) 195 ITR 682 (Bom) and American Express International Banking Corporation vs. CIT (2002) 258 ITR 601 (Bom). The CIT(A) also noted that similar issue has been decided by the Tribunal in the favour of the Assessee in the Assessee‟s own case for Assessment Year 1987-1988 to 1991-1992. 8.3. We have heard the rival contentions and perused the material on record. We note that the Tribunal has decided identical issue in the favour of the Assessee in As…

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

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

…the Tribunal in favour of the assessee in A.Y. 1991-92 to A.Y. 1994-95 and A.Y. 2003-04 to A.Y. 2004-05 by relying upon the decision rendered by the Hon’ble Bombay High Court in case of American Express International Banking Corporation vs. CIT reported in 258 ITR 601 (Bom) by considering the decision rendered by the Hon’ble Supreme Court in case of Vijaya Bank Ltd. vs. Addl. CIT reported in 187 ITR 541 SC. No distinguishing facts have been brought on record by the Ld. D.R., hence we find no scope to interfere into the findings returned by the Ld. CIT(A). Hence, ground No.4 is also determined against the Rev…

State Bank of India, Mumbai vs. DCIT Cir 2(2), Mumbai

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

…the Tribunal in favour of the assessee in A.Y. 1991-92 to A.Y. 1994-95 and A.Y. 2003-04 to A.Y. 2004-05 by relying upon the decision rendered by the Hon’ble Bombay High Court in case of American Express International Banking Corporation vs. CIT reported in 258 ITR 601 (Bom) by considering the decision rendered by the Hon’ble Supreme Court in case of Vijaya Bank Ltd. vs. Addl. CIT reported in 187 ITR 541 SC. No distinguishing facts have been brought on record by the Ld. D.R., hence we find no scope to interfere into the findings returned by the Ld. CIT(A). Hence, ground No.4 is also determined against the Rev…