Catholic Syrian Bank Ltd. v. ACIT

38 SOT 553Income Tax Appellate Tribunal2010#3192 most cited

What is Catholic Syrian Bank Ltd. v. ACIT authority for?

Amortization of premium on purchase of government securities is allowable as a deduction if it is in line with RBI's prudential norms and the assessee follows a consistent accounting system.

37

judgments rely on this decision, according to BharatTax’s citation analysis of 366,315 Indian tax judgments — from 2015 to 2025.

Also referred to as

Catholic Syrian Bank Ltd. v. ACIT · 38 SOT 553 · amortization of premium · government securities · RBI prudential norms · consistent accounting system · deduction · P&L account · Cochin ITAT

Sections most often in play

Section 145Section 36(1)(viia)Section 37(1)Section 145(1)Section 18Section 36(1)(vii)Section 143(3)Section 22(1)

Issues it is cited on

section 36(1)(via)section 145(1)section 22(1)section 36(1)(viia)right to receivesection 18interest on securitiessection 36(1)(vii)section 22mercantile system of accountingcommercial expediencysection 145

Judgments citing Catholic Syrian Bank Ltd. v. ACIT

ACIT Circle 1 (1)&Tps, Mangaluru vs. M/S the South Canara District Central Co-Operative Bank Limited., Mangaluru

In the result, the appeal of the revenue is hereby dismissed

ITA 2333/BANG/2024[2018-19]Status: DisposedITAT Bangalore04 Mar 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Smt. Sheetal Borkar – AdvocateFor Respondent: Ms. Nandini Das, CIT (DR)
Section 145Section 22(1)

…ee submitted that the Commissioner of Income-tax (Appeals) had failed to see the reason that a issue similar to that of the present one had been allowed by various benches of the Hon'ble Tribunals, namely : • Catholic Syrian Bank Ltd., v. ACIT – Cochin (2010) 38 SOT 553 ; • Khanapur Coop.Bank Ltd., v. ITO in ITA.141/PNJ/2011 (Panaji); • Corporation Bank v. ACIT, M'lore in ITA.112/Bang/2008 (Bang) The learned counsel also placed reliance on Board's Instructions No.17 of 2008(vii) and pleaded that the claim of the assessee be allowed as the assessee had the powers to debit in its P&L account a sum of Rs.29,02 lakhs…

ACIT Circle 1(1) & Tps, Mangaluru vs. M/S the South Canara District Central Co-Operative Bank Limited, Mangaluru

In the result, the appeal of the revenue is hereby dismissed

ITA 2332/BANG/2024[2017-18]Status: DisposedITAT Bangalore04 Mar 2025AY 2017-18

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Smt. Sheetal Borkar – AdvocateFor Respondent: Ms. Nandini Das, CIT (DR)
Section 145Section 22(1)

…ee submitted that the Commissioner of Income-tax (Appeals) had failed to see the reason that a issue similar to that of the present one had been allowed by various benches of the Hon'ble Tribunals, namely : • Catholic Syrian Bank Ltd., v. ACIT – Cochin (2010) 38 SOT 553 ; • Khanapur Coop.Bank Ltd., v. ITO in ITA.141/PNJ/2011 (Panaji); • Corporation Bank v. ACIT, M'lore in ITA.112/Bang/2008 (Bang) The learned counsel also placed reliance on Board's Instructions No.17 of 2008(vii) and pleaded that the claim of the assessee be allowed as the assessee had the powers to debit in its P&L account a sum of Rs.29,02 lakhs…

ACIT Circle1(1)& Tps, Mangaluru vs. M/S South Kanara District Central Co-Operative Bank Ltd, Mangaluru

In the result, the appeal of the revenue is hereby dismissed

ITA 2331/BANG/2024[2016-17]Status: DisposedITAT Bangalore04 Mar 2025AY 2016-17

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Smt. Sheetal Borkar – AdvocateFor Respondent: Ms. Nandini Das, CIT (DR)
Section 145Section 22(1)

…ee submitted that the Commissioner of Income-tax (Appeals) had failed to see the reason that a issue similar to that of the present one had been allowed by various benches of the Hon'ble Tribunals, namely : • Catholic Syrian Bank Ltd., v. ACIT – Cochin (2010) 38 SOT 553 ; • Khanapur Coop.Bank Ltd., v. ITO in ITA.141/PNJ/2011 (Panaji); • Corporation Bank v. ACIT, M'lore in ITA.112/Bang/2008 (Bang) The learned counsel also placed reliance on Board's Instructions No.17 of 2008(vii) and pleaded that the claim of the assessee be allowed as the assessee had the powers to debit in its P&L account a sum of Rs.29,02 lakhs…

M/S the South Canara District Central Co-Op Bank Ltd, Mangaluru vs. The Deputy Commissioner of Income Tax, Central Circle - 1, Mangalore

In the result, the appeal of the revenue is hereby dismissed

ITA 219/BANG/2023[2018-19]Status: DisposedITAT Bangalore04 Mar 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Smt. Sheetal Borkar – AdvocateFor Respondent: Ms. Nandini Das, CIT (DR)
Section 145Section 22(1)

…ee submitted that the Commissioner of Income-tax (Appeals) had failed to see the reason that a issue similar to that of the present one had been allowed by various benches of the Hon'ble Tribunals, namely : • Catholic Syrian Bank Ltd., v. ACIT – Cochin (2010) 38 SOT 553 ; • Khanapur Coop.Bank Ltd., v. ITO in ITA.141/PNJ/2011 (Panaji); • Corporation Bank v. ACIT, M'lore in ITA.112/Bang/2008 (Bang) The learned counsel also placed reliance on Board's Instructions No.17 of 2008(vii) and pleaded that the claim of the assessee be allowed as the assessee had the powers to debit in its P&L account a sum of Rs.29,02 lakhs…

M/S the South Canara District Central Co-Op Bank Ltd, Mangaluru vs. The Deputy Commissioner of Income Tax, Central Circle - 1, Mangalore

In the result, the appeal of the revenue is hereby dismissed

ITA 218/BANG/2023[2017-18]Status: DisposedITAT Bangalore04 Mar 2025AY 2017-18

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Smt. Sheetal Borkar – AdvocateFor Respondent: Ms. Nandini Das, CIT (DR)
Section 145Section 22(1)

…ee submitted that the Commissioner of Income-tax (Appeals) had failed to see the reason that a issue similar to that of the present one had been allowed by various benches of the Hon'ble Tribunals, namely : • Catholic Syrian Bank Ltd., v. ACIT – Cochin (2010) 38 SOT 553 ; • Khanapur Coop.Bank Ltd., v. ITO in ITA.141/PNJ/2011 (Panaji); • Corporation Bank v. ACIT, M'lore in ITA.112/Bang/2008 (Bang) The learned counsel also placed reliance on Board's Instructions No.17 of 2008(vii) and pleaded that the claim of the assessee be allowed as the assessee had the powers to debit in its P&L account a sum of Rs.29,02 lakhs…

M/S the South Canara District Central Co-Op Bank Ltd, Mangaluru vs. The Deputy Commissioner of Income Tax, Central Circle - 1, Mangalore

In the result, the appeal of the revenue is hereby dismissed

ITA 217/BANG/2023[2016-17]Status: DisposedITAT Bangalore04 Mar 2025AY 2016-17

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Smt. Sheetal Borkar – AdvocateFor Respondent: Ms. Nandini Das, CIT (DR)
Section 145Section 22(1)

…ee submitted that the Commissioner of Income-tax (Appeals) had failed to see the reason that a issue similar to that of the present one had been allowed by various benches of the Hon'ble Tribunals, namely : • Catholic Syrian Bank Ltd., v. ACIT – Cochin (2010) 38 SOT 553 ; • Khanapur Coop.Bank Ltd., v. ITO in ITA.141/PNJ/2011 (Panaji); • Corporation Bank v. ACIT, M'lore in ITA.112/Bang/2008 (Bang) The learned counsel also placed reliance on Board's Instructions No.17 of 2008(vii) and pleaded that the claim of the assessee be allowed as the assessee had the powers to debit in its P&L account a sum of Rs.29,02 lakhs…

DCIT, New Delhi vs. M/S Ntpc Ltd., New Delhi

ITA 156/DEL/2016[2011-12]Status: DisposedITAT Delhi05 Aug 2022AY 2011-12

Bench: Sh. A.D. Jaindr. B. R. R. Kumar

For Appellant: Sh. Ved Jain, Adv. &For Respondent: Sh. Bhavnesh Kulsheshtha, CIT-DR
Section 80Section 80I

…va Cooperative Bank Ltd. in ITA No. 1174/Bang/2014 (ITAT Bangalore) 69. Reliance in this regard is also placed on the following decisions, wherein also, amortization of premium on purchase of securities has been allowed:  Catholic Syrian Bank Ltd. vs. ACIT 38 SOT 553 (ITAT Cochin)  Pr. CIT vs. Kalupur Commercial Co-op. Bank Ltd., R/Tax Appeal No. 782 of 2019 (Guj.)” 15. Since, the matter stands covered by the order of the Tribunal in the assessee’s own case, keeping in view the absence of any change in the factual position, the addition made in the instant year is liable to be deleted. Disallowance u/s 14A:…

Dcir, New Delhi vs. M/S Ntpc Ltd., New Delhi

ITA 5704/DEL/2015[2007-08]Status: DisposedITAT Delhi05 Aug 2022AY 2007-08

Bench: Sh. A.D. Jaindr. B. R. R. Kumar

For Appellant: Sh. Ved Jain, Adv. &For Respondent: Sh. Bhavnesh Kulsheshtha, CIT-DR
Section 80Section 80I

…va Cooperative Bank Ltd. in ITA No. 1174/Bang/2014 (ITAT Bangalore) 69. Reliance in this regard is also placed on the following decisions, wherein also, amortization of premium on purchase of securities has been allowed:  Catholic Syrian Bank Ltd. vs. ACIT 38 SOT 553 (ITAT Cochin)  Pr. CIT vs. Kalupur Commercial Co-op. Bank Ltd., R/Tax Appeal No. 782 of 2019 (Guj.)” 15. Since, the matter stands covered by the order of the Tribunal in the assessee’s own case, keeping in view the absence of any change in the factual position, the addition made in the instant year is liable to be deleted. Disallowance u/s 14A:…

ACIT, New Delhi vs. M/S. Ntpc Ltd., New Delhi

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

ITA 3194/DEL/2016[2006-07]Status: DisposedITAT Delhi04 May 2022AY 2006-07

Bench: Sh. A.D. Jaindr. B. R. R. Kumar(Through Video Conferencing) Ita No. 3590/Del/2014 : Asstt. Year: 2006-07 Ita No.3194 /Del/2016 : Asstt. Year: 2006-07 Dcit, Vs Ntpc Limited, Circle-18(2), Ntpc Bhawan, Scope Complex, New Delhi-110002 7, Institutional Area, Lodi Road, New Delhi-110003 (Appellant) (Respondent) Pan No. Aaacn0255D

For Appellant: Sh. Ved Jain, AdvFor Respondent: Ms. Sarita Kumari, CIT-DR
Section 14ASection 27Section 271(1)(c)Section 80I

…va Cooperative Bank Ltd. in ITA No. 1174/Bang/2014 (ITAT Bangalore) 69. Reliance in this regard is also placed on the following decisions, wherein also, amortization of premium on purchase of securities has been allowed:  Catholic Syrian Bank Ltd. vs. ACIT 38 SOT 553 (ITAT Cochin)  Pr. CIT vs. Kalupur Commercial Co-op. Bank Ltd., R/Tax Appeal No. 782 of 2019 (Guj.) ITA Nos.2792 & 3194/Del/2016 NTPC Ltd. 70. In light of the above, the decision relied upon the lower authorities for making and sustaining the impugned disallowance is not applicable under the facts of the case. The appeal of the assessee on this…

DCIT, New Delhi vs. M/S. Ntpc Ltd., New Delhi

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

ITA 3590/DEL/2014[2006-07]Status: DisposedITAT Delhi04 May 2022AY 2006-07

Bench: Sh. A.D. Jaindr. B. R. R. Kumar(Through Video Conferencing) Ita No. 3590/Del/2014 : Asstt. Year: 2006-07 Ita No.3194 /Del/2016 : Asstt. Year: 2006-07 Dcit, Vs Ntpc Limited, Circle-18(2), Ntpc Bhawan, Scope Complex, New Delhi-110002 7, Institutional Area, Lodi Road, New Delhi-110003 (Appellant) (Respondent) Pan No. Aaacn0255D

For Appellant: Sh. Ved Jain, AdvFor Respondent: Ms. Sarita Kumari, CIT-DR
Section 14ASection 27Section 271(1)(c)Section 80I

…va Cooperative Bank Ltd. in ITA No. 1174/Bang/2014 (ITAT Bangalore) 69. Reliance in this regard is also placed on the following decisions, wherein also, amortization of premium on purchase of securities has been allowed:  Catholic Syrian Bank Ltd. vs. ACIT 38 SOT 553 (ITAT Cochin)  Pr. CIT vs. Kalupur Commercial Co-op. Bank Ltd., R/Tax Appeal No. 782 of 2019 (Guj.) ITA Nos.2792 & 3194/Del/2016 NTPC Ltd. 70. In light of the above, the decision relied upon the lower authorities for making and sustaining the impugned disallowance is not applicable under the facts of the case. The appeal of the assessee on this…

M/S. Ntpc Limited, New Delhi vs. Addl. CIT, New Delhi

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

ITA 3535/DEL/2014[2006-07]Status: DisposedITAT Delhi04 May 2022AY 2006-07

Bench: Sh. A.D. Jaindr. B. R. R. Kumar(Through Video Conferencing) Ita No. 3590/Del/2014 : Asstt. Year: 2006-07 Ita No.3194 /Del/2016 : Asstt. Year: 2006-07 Dcit, Vs Ntpc Limited, Circle-18(2), Ntpc Bhawan, Scope Complex, New Delhi-110002 7, Institutional Area, Lodi Road, New Delhi-110003 (Appellant) (Respondent) Pan No. Aaacn0255D

For Appellant: Sh. Ved Jain, AdvFor Respondent: Ms. Sarita Kumari, CIT-DR
Section 14ASection 27Section 271(1)(c)Section 80I

…va Cooperative Bank Ltd. in ITA No. 1174/Bang/2014 (ITAT Bangalore) 69. Reliance in this regard is also placed on the following decisions, wherein also, amortization of premium on purchase of securities has been allowed:  Catholic Syrian Bank Ltd. vs. ACIT 38 SOT 553 (ITAT Cochin)  Pr. CIT vs. Kalupur Commercial Co-op. Bank Ltd., R/Tax Appeal No. 782 of 2019 (Guj.) ITA Nos.2792 & 3194/Del/2016 NTPC Ltd. 70. In light of the above, the decision relied upon the lower authorities for making and sustaining the impugned disallowance is not applicable under the facts of the case. The appeal of the assessee on this…

Deputy Commissioner of Income Tax Circle-5(2)(1), Bangalore vs. M/S the National Co-Operative Bank Ltd, Bangalore

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

ITA 1523/BANG/2018[2014-15]Status: DisposedITAT Bangalore16 Sept 2021AY 2014-15

Bench: Shri N.V. Vasudevan & Shri Chandra Poojari

For Appellant: Shri G. Elamuruga, Jt. CIT(DR)(ITAT), BengaluruFor Respondent: Shri Ravishankar, Advocate
Section 14A

…debited to profit and loss account, Rs 82,91,6001- is claimed in full based on the order of the ITAT Bangalore in the assessee’s own case for the AY 2007-08 and 2008-09. The ITAT while passing the order has relied on the decisions of ITAT Cochin Bench (2010) 38 SOT 553 (Cochin) in the case of ITA Nos.1522 & 1523/Bang/2018 Page 7 of 8 Catholic Syrian Bank Ltd., Vs ACIT , Khanapur Co-operative Bank Ltd. Vs ITO and ITAT Bangalore in ITA No. 112(Bang.)/2008 AY 2004-05 in the case of Corporation Bank Vs ACIT, Mangalore. Accordingly, the CIT(Appeals) following the above Tribunal’s orders allowed this ground of the as…

Deputy Commissioner of Income Tax Circle-5(2)(1), Bangalore vs. M/S the National Co-Operative Bank Ltd, Bangalore

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

ITA 1522/BANG/2018[2013-14]Status: DisposedITAT Bangalore16 Sept 2021AY 2013-14

Bench: Shri N.V. Vasudevan & Shri Chandra Poojari

For Appellant: Shri G. Elamuruga, Jt. CIT(DR)(ITAT), BengaluruFor Respondent: Shri Ravishankar, Advocate
Section 14A

…debited to profit and loss account, Rs 82,91,6001- is claimed in full based on the order of the ITAT Bangalore in the assessee’s own case for the AY 2007-08 and 2008-09. The ITAT while passing the order has relied on the decisions of ITAT Cochin Bench (2010) 38 SOT 553 (Cochin) in the case of ITA Nos.1522 & 1523/Bang/2018 Page 7 of 8 Catholic Syrian Bank Ltd., Vs ACIT , Khanapur Co-operative Bank Ltd. Vs ITO and ITAT Bangalore in ITA No. 112(Bang.)/2008 AY 2004-05 in the case of Corporation Bank Vs ACIT, Mangalore. Accordingly, the CIT(Appeals) following the above Tribunal’s orders allowed this ground of the as…

Assistant Commissioner of Income Tax, Circle-2(2), Surat vs. The Surat Peoples Co-Operative Bank Ltd, Surat

In the result the appeal of the revenue is dismissed

ITA 73/SRT/2017[2014-15]Status: DisposedITAT Surat15 Apr 2021AY 2014-15

Bench: Shri Pawan Singh, Hon'Ble & Dr. Arjun Lal Saini, Hon'Ble(Virtual Hearing) आ.अ.सं./I.T.A No.73/Ahd/2017 िनधा"रण वष"/Assessment Year: 2014-15 The Asst. Commissioner Of Income Vs. The Surat Peoples Co- Tax, Circle-2(2), Room No. 662, Operative Bank Aayakar Bhawan, Ltd.,‘Vasundhara Majura Gate, Bahavan’, Surat Timaliyawad, Nanpura, Surat – 395 001. [Pan: Aaaat 2885 P] अपीलाथ" / Appellant ""थ"/Respondent

Section 5Section 6

…आयकर अपीलीय अिधकरण, सुरत "ायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, Hon'ble JUDICIAL MEMBER AND Dr. ARJUN LAL SAINI, Hon'ble ACCOUNTANT MEMBER (Virtual Hearing) आ.अ.सं./I.T.A No.73/AHD/2017 िनधा"रण वष"/Assessment Year: 2014-15 The Asst. Commissioner of Income Vs. The Surat Peoples Co- Tax, Circle-2(2), Room No. 662, operative Bank Aayakar Bhawan, Ltd.,‘Vasundhara Majura Gate, Bahavan’, Surat Timaliyawad, Nanpura, Surat – 395 001. [PAN: AAAAT 2885 P] अपीलाथ" / Appellant ""थ"/Respondent िनधा"रतीकीओर से /Assessee by Shri Kamlesh N.Bhatt – CA राज"कीओर से /Revenue b…

The Surat Peoples Co.Op.Bank Ltd., Surat vs. The Dy.CIT., (OSD)-II, Surat

In the result, ground no.2 is allowed for statistical purposes

ITA 957/AHD/2013[2009-10]Status: DisposedITAT Surat30 Dec 2020AY 2009-10

Bench: Shri Pawan Singh, Hon'Ble & Dr.Shri Arjun Lal Saini, Hon'Ble(Virtual Hearing) आ.अ.सं./I.T.A No.957/Ahd/2013 "नधा"रण वष"/Assessment Year: 2009-10 The Surat Peoples Co-Operative Bank Vs. The Asst. Commissioner Ltd., Of Income Tax, Circle-4, Surat. ‘Vasundhara Bahavan’, Timaliyawad, Nanpura, Surat – 395 001. [Pan: Aaaat 2885 P] अपीलाथ" / Appellant ""यथ"/Respondent

Section 5Section 6

…आयकर अपील"य अ"धकरण, सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, Hon'ble JUDICIAL MEMBER AND Dr.SHRI ARJUN LAL SAINI, Hon'ble ACCOUNTANT MEMBER (Virtual Hearing) आ.अ.सं./I.T.A No.957/AHD/2013 "नधा"रण वष"/Assessment Year: 2009-10 The Surat Peoples Co-operative Bank Vs. The Asst. Commissioner Ltd., of Income Tax, Circle-4, Surat. ‘Vasundhara Bahavan’, Timaliyawad, Nanpura, Surat – 395 001. [PAN: AAAAT 2885 P] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओर से /Assessee by Shri Kamlesh N.Bhatt – CA राज"वक"ओर से /Revenue by Smt. Anupama Singla – Sr.DR सुनवाई…

Assistant Commissioner of Income Tax Circle-1, Kalaburagi vs. M/S Krishna Grameen Bank, Gulbarga

In the result, the appeal filed by the Revenue is dismissed

ITA 1189/BANG/2018[2012-13]Status: DisposedITAT Bangalore15 Dec 2020AY 2012-13

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.Pradeep Kumar, CIT-DRFor Respondent: Smt.Shettal, Advocate

…k, Gulbarga. “08. We have carefully considered the rival submissions and perused the relevant facts and materials on record. We have also considered the findings of the various benches of the Tribunal, as under : (i) Catholic Syrian Bank Ltd v. ACIT – (2010) 38 SOT 553 (Coch) : An identical issue to that of the subject matter under consideration had arisen before the Cochin Bench. After analyzing the issue in depth, the bench has observed that with regard to amortization of premium on purchase of Government securities, it was clarified that this was made as per the prudential norms of the RBI. Following the Trib…

The Dy. Commissioner of Income Tax, Circle-2(2), Surat vs. The the Surat Peoples Co-Operative Bank Ltd, Surat

In the result, appeal of the Revenue is dismissed

ITA 1726/AHD/2016[2012-13]Status: DisposedITAT Surat03 Oct 2019AY 2012-13

Bench: Shri Amarjit Singh & Shri O.P.Meenaआ.अ.सं./I.T.A.No.2573/Ahd/2014 "नधा"रणवष"/Assessment Years: 2011-12 Assistant Vs The Surat Peoples Co-Operative Commissioner Of . Bank Ltd., Income Tax, Circle- Vashudhara Bhavan, Timaliyawad, 5, Surat. Nanpura, Surat – 395001. [Pan: Aaaat 2885 P] अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं./I.T.A.No.1726/Ahd/2016 "नधा"रणवष"/Assessment Years: 2012-13 Deputy Vs The Surat Peoples Co-Operative . Commissioner Of Bank Ltd., Income Tax, Circle- Vashudhara Bhavan, Timaliyawad, 2(2), Surat. Nanpura, Surat – 395001. [Pan: Aaaat 2885 P] अपीलाथ" Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Kamlesh Bhatt – Ca राज"वक"ओरसे /Revenue By Shri Mayank Pandey – Sr.Dr सुनवाईकीतारीख/ Date Of Hearing: 01.10.2019 उ"घोषणाक"तार"ख/Pronouncement On: 03.10.2019

Section 36(1)(vii)

…The Surat Peoples Co-operative Bank Ltd.,./ ITA No’s. 2573 /A/14 & 1726/A/16 : A.Y: 2011-12 & 12-13 Page 1 of 13 आयकरअपील"यअ"धकरण,सुरत"यायपीठ,सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT BEFORE SHRI AMARJIT SINGH, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUNTANT MEMBER आ.अ.सं./I.T.A.No.2573/AHD/2014 "नधा"रणवष"/Assessment Years: 2011-12 Assistant Vs The Surat Peoples Co-operative Commissioner of . Bank Ltd., Income Tax, Circle- Vashudhara Bhavan, Timaliyawad, 5, Surat. Nanpura, Surat – 395001. [PAN: AAAAT 2885 P] अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं./I.T.A.No.1726/AHD/2016 "नधा"रणवष"/Assessment…

The ACIT, Circle-5, Surat vs. The Surat Peoples Co.Op.Bank Ltd., Surat

In the result, appeal of the Revenue is dismissed

ITA 2573/AHD/2014[2011-12]Status: DisposedITAT Surat03 Oct 2019AY 2011-12

Bench: Shri Amarjit Singh & Shri O.P.Meenaआ.अ.सं./I.T.A.No.2573/Ahd/2014 "नधा"रणवष"/Assessment Years: 2011-12 Assistant Vs The Surat Peoples Co-Operative Commissioner Of . Bank Ltd., Income Tax, Circle- Vashudhara Bhavan, Timaliyawad, 5, Surat. Nanpura, Surat – 395001. [Pan: Aaaat 2885 P] अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं./I.T.A.No.1726/Ahd/2016 "नधा"रणवष"/Assessment Years: 2012-13 Deputy Vs The Surat Peoples Co-Operative . Commissioner Of Bank Ltd., Income Tax, Circle- Vashudhara Bhavan, Timaliyawad, 2(2), Surat. Nanpura, Surat – 395001. [Pan: Aaaat 2885 P] अपीलाथ" Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Kamlesh Bhatt – Ca राज"वक"ओरसे /Revenue By Shri Mayank Pandey – Sr.Dr सुनवाईकीतारीख/ Date Of Hearing: 01.10.2019 उ"घोषणाक"तार"ख/Pronouncement On: 03.10.2019

Section 36(1)(vii)

…The Surat Peoples Co-operative Bank Ltd.,./ ITA No’s. 2573 /A/14 & 1726/A/16 : A.Y: 2011-12 & 12-13 Page 1 of 13 आयकरअपील"यअ"धकरण,सुरत"यायपीठ,सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT BEFORE SHRI AMARJIT SINGH, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUNTANT MEMBER आ.अ.सं./I.T.A.No.2573/AHD/2014 "नधा"रणवष"/Assessment Years: 2011-12 Assistant Vs The Surat Peoples Co-operative Commissioner of . Bank Ltd., Income Tax, Circle- Vashudhara Bhavan, Timaliyawad, 5, Surat. Nanpura, Surat – 395001. [PAN: AAAAT 2885 P] अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं./I.T.A.No.1726/AHD/2016 "नधा"रणवष"/Assessment…

Deputy Commissioner of Income Tax Circle-5(2)(1), Bangalore vs. M/S M Visvesvaraya Co-Op Bank Ltd, Bangalore

In the result, appeal of the Revenue stands dismissed

ITA 1436/BANG/2017[2012-13]Status: DisposedITAT Bangalore23 Mar 2018AY 2012-13

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Raoassessment Year : 2012-13 The Dy. Commissioner Of Vs. M/S. M. Visvesvaraya Co-Op Income Tax, Bank Ltd., Circle – 5(2)(1), Shankar Mutt Road Branch, Bengaluru. No.109, Shankar Mutt Road, Bengaluru – 560 004. Pan : Aaaas 3586 N Appellant Respondent Revenue By : Dr. P. V Pradeep Kumar, Acit Assessee By : None Date Of Hearing : 13.03.2018 Date Of Pronouncement : 23.03.2018

For Appellant: NoneFor Respondent: Dr. P. V Pradeep Kumar, ACIT

…n it was held as under: `08...we have carefully considered the rival submission and perused the relevant facts and materials on record. We have also considered the findings of the various benches of the Tribunal as under: (i) Catholic Syrian Bank Ltd. Vs ACIT-38 SOT 553(Coch): An identical issue to that of the subject matter under consideration had arisen before the Cochin Benc. After analyzing to amortization of premium on purchase of Govt. securities, it was clarified that this was made as per the prudential norms of the RBI. Following the Tribunal decision in the assessee's own case and considering that the as…

ACIT, Circle-4(1), Visakhapatnam vs. Sri Varalakshmi Jute Twine Mills Pvt. Ltd, Rajam

In the result, appeals filed by the Revenue in ITA

ITA 458/VIZ/2017[2013-2014]Status: DisposedITAT Visakhapatnam09 Feb 2018AY 2013-2014

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bledcit, Circle-4(1), Vs. M/S. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (Po), Srikakulam District. Pan No. Aadcs 1167 L Sri Varalakshmi Jute Twine Vs. Ito, Ward-3, Mills Pvt. Ltd., Bobbili Road, Srikakulam. Rajam (Po), Srikakulam Dist. Pan No. Aadcs 1167 L Acit, Circle-4(1), Vs. M/S. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (Po), Srikakulam District. Pan No. Aadcs 1167 L Sri Varalakshmi Jute Twine Vs. Dcit, Circle-4(1), Mills Pvt. Ltd., Bobbili Road, Visakhapatnam. Rajam (Po), Srikakulam Dist. Pan No. Aadcs 1167 L (Appellants) (Respondents)

For Appellant: Shri Yogesh A. Thar &For Respondent: Shri T. Satyanandam – Sr.DR
Section 143(1)Section 143(3)

…429), Hon'ble Gujarat High Court in the case of CIT vs. Laxmi Cement Distributors (P) Ltd. 104 ITR 711; Hyderabad Tribunal decision in the case of A.P. Housing Board vs. DCIT (36 Taxmann.com 561), Cochin 1TAT in the case of Catholic Syrian Bank Ltd. vs. ACIT 38 SOT 553. 8.4 The authorized representative relied on the decision of the Hon'ble Supreme Court in the case of CIT v Chandulal Keshavlal & Co. (38 ITR 601 (SC)) and contended that expenditure incurred on the ground of commercial expediency and in order indirectly to facilitate the carrying on of the business is allowable. It was contended that the fact tha…

Catholic Syrian Bank Ltd. v. ACIT (38 SOT 553) — Cited in 37 Judgments | BharatTax