Catholic Syrian Bank Ltd. v. CIT

ACIT 2(3), Mumbai vs. Dena Bank, Mumbai

…Authority (FAA) allowed the appeal filed by the assessee. 2.1.It was brought over notice that the issue stands covered against the Department and in favour of the assessee as per the judgment of the honorable Supreme Court in the case of Catholic Syrian Bank (343 ITR 270), that while deciding the appeal for the assessment years 1997-98,1998-99,2003-04 and2006-07(ITA/2731/Mum/2011,dated 10/04/2013),the Tribunal 3821/Mum/09 Dena Bank had relying upon the judgment of the Catholic Syrian Bank (supra)and had dismissed the appeal filed by the AO. We are reproducing the relevant portion of the order of the tribunal da…

DCIT-2(3)(2), Mumbai vs. Kotak Mahindra Bank Ltd., Mumbai

The appeal of the Revenue is dismissed and that of the assessee is allowed

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am The Dy. Commissioner Of Kotak Mahindra Bank Ltd. Income Tax, Circle 2(3)(2), 27 Bkc, G Block, Bandra Mumbai R. No. 552, 5Th Floor, Kurla Complex, Bandra Vs. Aayakar Bhavan, M.K. Road, (East), Mumbai-400 023 Mumbai-400 020 Appellant .. Respondent Pan No. Aaack4409J

…tfully, following the above, we decide ground no.3 in favour of the assessee.” Cross Objection No. 38/Mum/2018 11. We find that the tribunal in earlier years followed the judgment of Hon’ble Supreme Court in the case of Catholic Syrian Bank Ltd. v. CIT (2012) 343 ITR 270, wherein it is held that the assessee is entitled for deduction under section 36(1)(vii) read with section 36(2)(v) of the Act and also this deduction is independent of provisions made in section 36(1)(viia) of the Act. Accordingly, we are of the view that the CIT(A) has rightly allowed the claim of the assessee and we confirm the same. This issu…

ACIT -2(1)(1), Mumbai vs. Bank of India, Mumbai

Appeal of the AO stands dismissed

…he identical issue has been allowed by Tribunal in assessee’s own case for the AY 2001-02 in ITA No. 1498/Mum/2011 vide order dated 09-04-2014. The Tribunal following the decision of Hon’ble Supreme Court in the case of Catholic Syrian Bank Ltd. v. CIT (2012) 343 ITR 270 (SC) allowed the claim of the assessee by observing in Para 2.5 to 2.7 as under: - “2.5 Having considered the rival submissions and careful perusal of the record we find that on principle the CIT(A) has allowed the claim of the assessee in respect of bad debts written off, however, the quantum of the claim has been restricted in terms of the prov…

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

In the result, the appeals of the assessee are allowed and that of revenue are dismissed

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am)

…ers relied upon by the parties and impugned orders. We find from the record the co-ordinate Bench of the Tribunal that an identical issue has been decided in assessee‟s case in the earlier years by following the decision of the Hon‟ble Supreme Court in (2012) 343 ITR 270 (SC). For the sake of convenience, we reproduce the operative part of the judgement as under: “41. To conclude, we hold that the provisions of Sections 36(1)(vii) and 36(1)(viia) of the Act are distinct and independent items of deduction and operate in their respective fields. The bad debts written off in debts, other than those for which the pro…

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

In the result, the appeals of the assessee are allowed and that of revenue are dismissed

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am)

…ers relied upon by the parties and impugned orders. We find from the record the co-ordinate Bench of the Tribunal that an identical issue has been decided in assessee‟s case in the earlier years by following the decision of the Hon‟ble Supreme Court in (2012) 343 ITR 270 (SC). For the sake of convenience, we reproduce the operative part of the judgement as under: “41. To conclude, we hold that the provisions of Sections 36(1)(vii) and 36(1)(viia) of the Act are distinct and independent items of deduction and operate in their respective fields. The bad debts written off in debts, other than those for which the pro…