CIT v. Bank of America Securities (India) (P) Ltd.

136 TTJ 441Income Tax Appellate Tribunal2011#8743 most cited

What is CIT v. Bank of America Securities (India) (P) Ltd. authority for?

Club entrance fees paid by a company are considered revenue expenditure if incurred wholly and exclusively for the purpose of business and for the smooth and efficient running of the enterprise, rather than for capital account or to add to the profit-earning apparatus.

12

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2024.

Also referred to as

CIT v Bank of America Securities India · 136 TTJ 441 · club entrance fees · revenue expenditure · section 37(1) · business expenditure · smooth running of business · Dy. CIT vs Bank of America Securities India

Sections most often in play

Section 10(38)Section 115JBSection 14ASection 37(1)Section 43(1)

Issues it is cited on

revenue expendituresection 14acompanysection 14indiatotal incomebusinessinterest

Judgments citing CIT v. Bank of America Securities (India) (P) Ltd.

DCIT Cir 3(1), Mumbai vs. Bajaj Hindustan Ltd, Mumbai

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

ITA 4446/MUM/2013[2009-10]Status: DisposedITAT Mumbai28 Aug 2024AY 2009-10

Bench: Shri Amarjit Singh & Shri Raj Kumar Chauhanassessment Year: 2009-10 Dcit, Circle-3(1), Mumbai M/S. Bajaj Hindustan Ltd.

For Appellant: Shri Kirit KamdarFor Respondent: Shri S. Srinivasu, CIT, DR
Section 10(38)Section 115JSection 14Section 143(2)Section 143(3)Section 14A

…ess expenditure u/s 37(1) of the Act after relying upon the following judicial pronouncements: “i. CIT vs Nestle India Ltd. (296 ITR 682 (Del) ii. Gujarat State Export Corporation Ltd. vs CIT (209 ITR 649)(Guj) iii. DCIT vs America Securities India (P) Ltd. (136 TTJ 441) 23. Heard both the sides and perused the material on record on this issue. Before us, the ld. Counsel has also referred the decision of the Hon’ble Bombay High Court in the case of Swiss Re Services India (P) Ltd. (2023) 156 taxmann.com 56 (Bombay) on the proposition that club entrance fees would be a revenue expenditure because it had been inc…

Bajaj Hindustan Ltd, Mumbai vs. Addl CIT RG 3(1), Mumbai

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

ITA 3714/MUM/2013[2009-10]Status: DisposedITAT Mumbai28 Aug 2024AY 2009-10

Bench: Shri Amarjit Singh & Shri Raj Kumar Chauhanassessment Year: 2009-10 Dcit, Circle-3(1), Mumbai M/S. Bajaj Hindustan Ltd.

For Appellant: Shri Kirit KamdarFor Respondent: Shri S. Srinivasu, CIT, DR
Section 10(38)Section 115JSection 14Section 143(2)Section 143(3)Section 14A

…ess expenditure u/s 37(1) of the Act after relying upon the following judicial pronouncements: “i. CIT vs Nestle India Ltd. (296 ITR 682 (Del) ii. Gujarat State Export Corporation Ltd. vs CIT (209 ITR 649)(Guj) iii. DCIT vs America Securities India (P) Ltd. (136 TTJ 441) 23. Heard both the sides and perused the material on record on this issue. Before us, the ld. Counsel has also referred the decision of the Hon’ble Bombay High Court in the case of Swiss Re Services India (P) Ltd. (2023) 156 taxmann.com 56 (Bombay) on the proposition that club entrance fees would be a revenue expenditure because it had been inc…

Addl. C.I.T., Bangalore vs. M/S Abb Ltd., Bangalore

In the result, appeal by the assessee stands allowed and the appeal of the revenue stands dismissed

ITA 335/BANG/2012[2007-08]Status: DisposedITAT Bangalore24 Feb 2022AY 2007-08

Bench: Shri. B.R. Baskaran & Smt. Beena Pillaiassessment Year : 2007-08 M/S. Abb Ltd., 49, Khanija Bhavan, The Addl. Race Course Road, Commissioner Of 2Nd Floor, East Wing, Income-Tax (Ltu), Bangalore – 560 001. Bangalore. Vs. Pan: Aaaca3834B Appellant Respondent & Assessment Year : 2007-08 (By Revenue)

For Appellant: Ms. Vasanti Patel, Advocate
Section 10ASection 14A

…enterprise and does not add to the profit earning apparatus of a business enterprises and accordingly CIT (A) was justified in deleting the disallowances of entrances fee made by the Assessing Officer. [Dy. CIT vs. Bank of America Securities (India) (P) Ltd. 136 TTJ 441]. Again, Corporate membership fees payable to club is revenue exp. [CIT v Samtel Colour Limited 326 ITR 425]. Ground No.3 is accordingly dismissed.” 3.2 There is nothing brought on record by the revenue to take a contrary view. Respectfully following the aforesaid decision of the Tribunal, we allow this ground raised by the assessee. 4. Ground No…

Abb Limited, Bangalore vs. Addl.C.I.T., Bangalore

In the result, appeal by the assessee stands allowed and the appeal of the revenue stands dismissed

ITA 317/BANG/2012[2007-08]Status: DisposedITAT Bangalore24 Feb 2022AY 2007-08

Bench: Shri. B.R. Baskaran & Smt. Beena Pillaiassessment Year : 2007-08 M/S. Abb Ltd., 49, Khanija Bhavan, The Addl. Race Course Road, Commissioner Of 2Nd Floor, East Wing, Income-Tax (Ltu), Bangalore – 560 001. Bangalore. Vs. Pan: Aaaca3834B Appellant Respondent & Assessment Year : 2007-08 (By Revenue)

For Appellant: Ms. Vasanti Patel, Advocate
Section 10ASection 14A

…enterprise and does not add to the profit earning apparatus of a business enterprises and accordingly CIT (A) was justified in deleting the disallowances of entrances fee made by the Assessing Officer. [Dy. CIT vs. Bank of America Securities (India) (P) Ltd. 136 TTJ 441]. Again, Corporate membership fees payable to club is revenue exp. [CIT v Samtel Colour Limited 326 ITR 425]. Ground No.3 is accordingly dismissed.” 3.2 There is nothing brought on record by the revenue to take a contrary view. Respectfully following the aforesaid decision of the Tribunal, we allow this ground raised by the assessee. 4. Ground No…

Abb Ltd., Bangalore vs. Addl. CIT, Bangalore

In the result, appeal filed by assessee for assessment year

ITA 1129/BANG/2009[2005-06]Status: DisposedITAT Bangalore30 Sept 2021AY 2005-06

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Dilip Reddy, Sr. Counsel

…enterprise and does not add to the profit earning apparatus of a business enterprises and accordingly CIT (A) was justified in deleting the disallowances of entrances fee made by the Assessing Officer. [Dy. CIT vs. Bank of America Securities (India) (P) Ltd. 136 TTJ 441]. Again, Corporate membership fees payable to club is revenue exp. [CIT v Samtel Colour Limited 326 ITR 425]. Ground No.3 is accordingly dismissed. 9.2 There is nothing brought on record by the assessee to take a contrary view. Respectfully following the aforesaid decision of the Tribunal, we dismiss this grounds raised by the revenue for both y…

M/S. Abb Limited(Formerly Asea Brown Boveri Limited), Bangalore vs. ACIT, Bangalore

In the result, appeal filed by assessee stands partly allowed and appeal filed by Revenue stands dismissed

ITA 1227/BANG/2007[2004-05]Status: DisposedITAT Bangalore29 Sept 2021AY 2004-05

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2004-05

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Dilip Reddy, Sr. Counsel
Section 28Section 80Section 801ASection 80I

…enterprise and does not add to the profit earning apparatus of a business enterprises and accordingly CIT (A) was justified in deleting the disallowances of entrances fee made by the Assessing Officer. [Dy. CIT vs. Bank of America Securities (India) (P) Ltd. 136 TTJ 441]. Again, Corporate membership fees payable to club is revenue exp. [CIT v Samtel Colour Limited 326 ITR 425]. Ground No.3 is accordingly dismissed. 12.2 There is nothing brought on record by the revenue to take a contrary view. Respectfully following the aforesaid decision of the Tribunal, we dismiss this grounds raised by the revenue. 13. Groun…

ACIT, Bangalore vs. M/S. Abb Limited, Bangalore

In the result, ground No.3 raised by the assessee is dismissed

ITA 897/BANG/2008[2003-04]Status: DisposedITAT Bangalore23 Jul 2021AY 2003-04

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranita No.790 & 791/Bang/2008 Assessment Year : 2002-03 & 2003-04 M/S. Abb Ltd., Vs. The Deputy Commissioner Of Ii Floor, East Wing, Income Tax (Ltu), Khanija Bhavan, Bengaluru. Race Course Road, Bengaluru-560 001. Pan : Aaaca 3834 B Appellant Respondent

For Appellant: Shri. Percy Pardiwala, Sr. AdvocateFor Respondent: Shri. K. V. Aravind, Standing Counsel
Section 2Section 80H

…enterprise and does not add to the profit earning apparatus of a business enterprises and accordingly CIT (A) was justified in deleting the disallowances of entrances fee made by the Assessing Officer. [Dy. CIT vs. Bank of America Securities (India) (P) Ltd. 136 TTJ 441]. Again, Corporate membership fees payable to club is revenue exp. [CIT v Samtel Colour Limited 326 ITR 425]. Ground No.3 is accordingly dismissed. 7. Ground No.4 raised by the Revenue reads as follows: 4. The ld. CIT(A) erred in allowing the claim of the assessee amounting to Rs.9,33,995 being R & D expenditure under section ITA Nos. 790, 791,…

ACIT, Bangalore vs. M/S. Abb Limited, Bangalore

In the result, ground No.3 raised by the assessee is dismissed

ITA 896/BANG/2008[2002-03]Status: DisposedITAT Bangalore23 Jul 2021AY 2002-03

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranita No.790 & 791/Bang/2008 Assessment Year : 2002-03 & 2003-04 M/S. Abb Ltd., Vs. The Deputy Commissioner Of Ii Floor, East Wing, Income Tax (Ltu), Khanija Bhavan, Bengaluru. Race Course Road, Bengaluru-560 001. Pan : Aaaca 3834 B Appellant Respondent

For Appellant: Shri. Percy Pardiwala, Sr. AdvocateFor Respondent: Shri. K. V. Aravind, Standing Counsel
Section 2Section 80H

…enterprise and does not add to the profit earning apparatus of a business enterprises and accordingly CIT (A) was justified in deleting the disallowances of entrances fee made by the Assessing Officer. [Dy. CIT vs. Bank of America Securities (India) (P) Ltd. 136 TTJ 441]. Again, Corporate membership fees payable to club is revenue exp. [CIT v Samtel Colour Limited 326 ITR 425]. Ground No.3 is accordingly dismissed. 7. Ground No.4 raised by the Revenue reads as follows: 4. The ld. CIT(A) erred in allowing the claim of the assessee amounting to Rs.9,33,995 being R & D expenditure under section ITA Nos. 790, 791,…

M/S. Abb Limited(Formerly Asea Brown Boveri Limited), Bangalore vs. ACIT, Bangalore

In the result, ground No.3 raised by the assessee is dismissed

ITA 791/BANG/2008[2003-04]Status: DisposedITAT Bangalore23 Jul 2021AY 2003-04

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranita No.790 & 791/Bang/2008 Assessment Year : 2002-03 & 2003-04 M/S. Abb Ltd., Vs. The Deputy Commissioner Of Ii Floor, East Wing, Income Tax (Ltu), Khanija Bhavan, Bengaluru. Race Course Road, Bengaluru-560 001. Pan : Aaaca 3834 B Appellant Respondent

For Appellant: Shri. Percy Pardiwala, Sr. AdvocateFor Respondent: Shri. K. V. Aravind, Standing Counsel
Section 2Section 80H

…enterprise and does not add to the profit earning apparatus of a business enterprises and accordingly CIT (A) was justified in deleting the disallowances of entrances fee made by the Assessing Officer. [Dy. CIT vs. Bank of America Securities (India) (P) Ltd. 136 TTJ 441]. Again, Corporate membership fees payable to club is revenue exp. [CIT v Samtel Colour Limited 326 ITR 425]. Ground No.3 is accordingly dismissed. 7. Ground No.4 raised by the Revenue reads as follows: 4. The ld. CIT(A) erred in allowing the claim of the assessee amounting to Rs.9,33,995 being R & D expenditure under section ITA Nos. 790, 791,…

M/S. Abb Limited(Formerly Asea Brown Boveri Limited), Bangalore vs. DCIT, Bangalore

In the result, ground No.3 raised by the assessee is dismissed

ITA 790/BANG/2008[2002-03]Status: DisposedITAT Bangalore23 Jul 2021AY 2002-03

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranita No.790 & 791/Bang/2008 Assessment Year : 2002-03 & 2003-04 M/S. Abb Ltd., Vs. The Deputy Commissioner Of Ii Floor, East Wing, Income Tax (Ltu), Khanija Bhavan, Bengaluru. Race Course Road, Bengaluru-560 001. Pan : Aaaca 3834 B Appellant Respondent

For Appellant: Shri. Percy Pardiwala, Sr. AdvocateFor Respondent: Shri. K. V. Aravind, Standing Counsel
Section 2Section 80H

…enterprise and does not add to the profit earning apparatus of a business enterprises and accordingly CIT (A) was justified in deleting the disallowances of entrances fee made by the Assessing Officer. [Dy. CIT vs. Bank of America Securities (India) (P) Ltd. 136 TTJ 441]. Again, Corporate membership fees payable to club is revenue exp. [CIT v Samtel Colour Limited 326 ITR 425]. Ground No.3 is accordingly dismissed. 7. Ground No.4 raised by the Revenue reads as follows: 4. The ld. CIT(A) erred in allowing the claim of the assessee amounting to Rs.9,33,995 being R & D expenditure under section ITA Nos. 790, 791,…

I.T.O WD - 4(2), Kolkata vs. M/S Marcopolo Products Pvt Ltd, Kolkata

In the result, the appeal of the Revenue is dismissed and the Cross Objection of the assessee is partly allowed

ITA 1390/KOL/2013[2009-10]Status: DisposedITAT Kolkata06 May 2016AY 2009-10

Bench: Shri P. M. Jagtap, A.M. & Shri S.S.Viswanethra Ravi, J.M.)

For Appellant: Shri Sudipta Guha JCIT, Sr.DRFor Respondent: Shri Manish Tiwari
Section 143(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘B’, KOLKATA (Before Shri P. M. Jagtap, A.M. & Shri S.S.Viswanethra Ravi, J.M.) ITA No. 1390/Kol/2013 : Asstt. Year : 2009-2010 ITO, Ward-4(2). Vs M/s Marcopolo Products Kolkata Private Limited PAN: ABCI2766H (APPELLANT) (RESPONDENT) CO No. 100/Kol/2013 : Asstt. Year : 2009-2010 M/s Marcopolo Products Private Vs ITO, Ward-4(2). Limited Kolkata PAN: ABCI2766H (CROSS OBJECTOR) (RESPONDENT) Appellant by : Shri Sudipta Guha JCIT, Sr.DR Respondent by : Shri Manish Tiwari Date of Hearing : 10.02.2016 Date of Pronouncement : 06-05-2016 ORDER Per Shri S.S.Viswanet…

D.C.I.T Cir - 4, Kolkata vs. M/S Asian Tea & Exports Ltd, Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1241/KOL/2013[2009-10]Status: DisposedITAT Kolkata29 Apr 2016AY 2009-10

Bench: Shri P..M.Jagtap, Am & Shri S.S.Viswanethra Ravi, Jm]

For Appellant: Shri Sanjoy Mukherjee, JCIT, Sr.DRFor Respondent: Shri S.D.Verma, Advocate & Sri Sanjeev Kadel, FCA
Section 143(2)Section 143(3)Section 37Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘B’, KOLKATA [Before Shri P..M.Jagtap, AM & Shri S.S.Viswanethra Ravi, JM] ITA No. 1241/Kol/2013 : Asstt. Year : 2009-10 DCIT, Circle-4, Vs M/s. Asian Tea & Exports Ltd. Kolkata PAN : AACCA 4877C (APPELLANT) (RESPONDENT) For the Appellant : Shri Sanjoy Mukherjee, JCIT, Sr.DR For the Respondent : Shri S.D.Verma, Advocate & Sri Sanjeev Kadel, FCA Date of Hearing : 08.02.2016 Date of Pronouncement : 29.04.2016 ORDER Per Shri S.S.Viswanethra Ravi, JM This is an appeal preferred by the Revenue against the order dated 28.02.2013 passed by the CIT(Appeals)-IV, Ko…

CIT v. Bank of America Securities (India) (P) Ltd. (136 TTJ 441) — Cited in 12 Judgments | BharatTax