How many judgments cite CIT v. Canfin Homes Ltd.?

62 judgments on BharatTax cite CIT v. Canfin Homes Ltd. (347 ITR 382), spanning 2015 to 2022.

CIT v. Canfin Homes Ltd.

347 ITR 382High Court2012#1854 most cited

What is CIT v. Canfin Homes Ltd. authority for?

Interest income from non-performing assets (NPAs) is not assessable as income, even for assessees following the mercantile system of accounting, in the context of Section 145 of the Income-tax Act.

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2022.

Also referred to as

CIT v. Canfin Homes Ltd. · 347 ITR 382 · non-performing assets interest · NPA income assessability · Section 145 · mercantile system accounting · co-operative bank income · Section 43D · financial institution income recognition · cash basis NPA interest · income from NPAs

Also reported as

201 Taxmann 27313 Taxmann.com 43

Judgments citing CIT v. Canfin Homes Ltd.

M/S SIDDAGANGA URBAN CO-OPERATIVE BANK LTD ,TUMKUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1, TUMKUR

In the result, we do not find any merit in this appeal, the same fails and is hereby dismissed

ITA 93/BANG/2018[2012-13]Status: DisposedITAT Bangalore25 May 2022AY 2012-13

For Respondent: Shri S.V. Ravishankar

Section 143Section 37

…principle laid down in the aforesaid decision has not been taken note of by the tribunal and therefore, the matter requires re consideration. It is also urged that reliance placed on decision of this court in COMMISSIONER OF INCOME-TAX VS. CANFIN HOMES LTD., 347 ITR 382 is of no assistance to the assessee as in the aforesaid decision, the effect of Section 36(1)(viia) of the Act has not been considered. 6. On the other hand, learned counsel for the assessee submitted that tribunal was justified in holding that accounting interest income on non performing asset on cash basis by the assessee though it was followin…

M/S. THE DAVANGERE HARIHAR URBAN SAHAKARI BANK NIYAMITHA,DAVANGERE vs. ASSISTANT COMMISSIONER OF INCOME TAX,, DAVANGERE

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

ITA 2609/BANG/2017[2008-09]Status: DisposedITAT Bangalore18 May 2022AY 2008-09

Bench: Shri Chandra Poojari & Shri George K. Georgeassessment Year: 2008-09

For Appellant: Shri Suresh Muthukrishnan, A.RFor Respondent: Shri Sankar Ganesh K., D.R

Section 145Section 145(1)Section 234

…hat since the assessee had not accounted the accrued interest received amounting to Rs.39,70,782/-, the same is therefore added back to the returned income. 3. This issue came for consideration before Hon’ble Karnataka High Court in the case of Canfin Homes (347 ITR 382), wherein it was held as under:- M/s. The Davangere Harihar Urban Sahakari Bank Niyamitha, Devangere Page 4 of 9 “A reading of section 145 makes it very clear that section 145(1) is subject to the provisions of sub-section (2). Sub-section (2) provides that the Central Government may notify in the Official Gazette from time-to-time accounting st…

VARDHMAN (MAHILA) CO-OPERATIVE URBAN BANK LIMITED, HYDERABAD,HYDERABAD vs. ACIT, CIRCLE-14(1), HYDERABAD, HYDERABAD

Appeal is allowed in above terms

ITA 624/HYD/2017[2013-14]Status: DisposedITAT Hyderabad17 Jan 2022AY 2013-14

Bench: Shri A.Mohan Alankamony & Shri S.S.Godara

For Appellant: NONEFor Respondent: Shri T.Sunil Goutam, DR

Section 143(3)Section 145Section 430Section 43DSection 6

…with circular No: F201/81/84 ITA-II dated 09/10/1984. Thus, it was submitted that the assessee was eligible for deduction under section 43D even if it not a "scheduled bank". Further, the Ld. AR relied on the following case laws: 1. CIT vs. Canfin Homes Ltd. (347 ITR 382) (Kar.) ITA No. 1038/Hyd/2019 2. The Sindagi Urban Co-op. Bank vs. Department of Income Tax (ITA No.1530/Bang/2013 dated 05/03/2015) (ITAT, Bangalore) 3. Dy.CIT vs. The Saurashtra Co-op. Bank Ltd. (ITA No. 690/Ahd/2016 dated 31/01/2018 (ITAT, Ahmedabad) 4. Dy. CIT vs. Gondal Nagarik Sahakari Bank (ITA No. 504/Rjt/2015 dated 16/01/2018 (ITAT, Rajk…

THE PR COMMISSIONER OF INCOME TAX CIT(A) vs. M/S SOUTH CANARA DISTRICT

The appeal stands dismissed

ITA/115/2016HC Karnataka14 Dec 2021

Bench: S.SUJATHA,S VISHWAJITH SHETTY

Section 145Section 260Section 260A

…3. Re: substantial question of law no.1:- The issue involved herein is no more res integra in view of the ruling of the coordinate bench of this Court in the case of COMMISSIONER OF INCOME TAX VS CANFIN HOMES LTD. - (2012) 347 ITR 382, whereby identical question has been considered and answered in favour of the assessee and against the revenue. It has been categorically observed that the contention of the revenue that in respect of non- performing assets even though it does not yield any income as the assessee has adopted mercantile system of accounting, he has to…

THE PR COMMISSIONER OF INCOME TAX, CIT(A) vs. M/S SOUTH CANARA DISTRICT

The appeal stands dismissed

ITA/393/2016HC Karnataka14 Dec 2021

Bench: S.SUJATHA,S VISHWAJITH SHETTY

Section 145Section 260Section 260A

…evenue expenditure? 3. Re: substantial question of law nos.1 & 2:- The issues involved herein are no more res integra in view of the ruling of the coordinate bench of this Court in the case of COMMISSIONER OF INCOME TAX VS CANFIN HOMES LTD. - (2012) 347 ITR 382, whereby identical questions have been considered and answered in favour of the assessee and against the revenue. It has been categorically observed that the contention of the revenue that in respect of non- performing assets even though it does not yield any income as the assessee has adopted mercantile system of accounting, he has t…

THE PR COMMISSIONER OF INCOME TAX CIT(A) vs. M/S SOUTH CANARA DISTRICT

The appeal stands dismissed

ITA/116/2016HC Karnataka14 Dec 2021

Bench: S.SUJATHA,S VISHWAJITH SHETTY

Section 145Section 260Section 260A

SRI KANYAKAPARAMESWARI CO-OPERATIVE BANK LIMITED vs. THE JOINT COMMISSIONER OF INCOME-TAX

In the result, the appeal is disposed of

ITA/791/2017HC Karnataka27 Jul 2021

Bench: ALOK ARADHE,HEMANT CHANDANGOUDAR

Section 260Section 260ASection 36(1)(viii)

…accrued interest income on non-performing assets on the facts and circumstances of the case. (iii) Whether the Tribunal was justified in law in not following the binding decision of the Jurisdictional high court in the case of the Canfin Homes Ltd 347 ITR 382 and Siddeshwar Co-Operative Bank Ltd 388 ITR 588 on the facts and circumstances of the case. (iv) Whether the Tribunal was justified in law in adjudicating certain issues which were not before it and not adjudicating certain grounds which were urged and noticed in the body of its order on the facts and circumstances of the case"…

THE PR. COMMISSIONER OF INCOME-TAX vs. M/S. DAVANGERE DISTRICT CENTRAL CO-OP BANK LTD.,

The appeal is dismissed

ITA/264/2018HC Karnataka05 Feb 2021

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

Section 260Section 260ASection 36(1)(vii)Section 36(1)(viia)

…said decision has not been taken note of by the tribunal and therefore, the matter requires re consideration. It is also urged that reliance 5 placed on decision of this court in COMMISSIONER OF INCOME-TAX VS. CANFIN HOMES LTD., 347 ITR 382 is of no assistance to the assessee as in the aforesaid decision, the effect of Section 36(1)(viia) of the Act has not been considered. 6. On the other hand, learned counsel for the assessee submitted that tribunal was justified in holding that accounting interest income on non performing asset on cash basis by the assessee though it w…

THE COMMISSIONER OF INCOME-TAX vs. M/S DAVANGERE DISTRICT CENTRAL CO-OPERATIVE BANK

In the result, we do not find any merit in this appeal, the same fails

ITA/136/2015HC Karnataka04 Feb 2021

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

Section 143(3)Section 145Section 260Section 40Section 43B

…is not yielding any revenue and therefore, the question of showing that revenue and paying tax would not arise. In support of aforesaid submissions, reliance has been placed on decisions in 'UCO BANK VS. CIT', 237 ITR 889 SC, 'CIT VS. CANFIN HOMES LTD.', 347 ITR 382 (KAR), CIT 8 VS. THE URBAN CO-OPERATIVE BANK IN ITA NO.471/2013 (KAR), CIT VIS THE URBAN CO- OPERATIVE BANK IN SLP NO.1066/2015 (SC) and 'UCO BANK VS. CIT', 360 ITR 567 (KOL). 7. We have considered the submissions made by learned counsel for the parties and have perused the record. In the course of assessment proceedings, it was notice…

THE PR. COMMISSIONER OF INCOME-TAX vs. M/S. DAVANGERE DISTRICT CENTRAL CO-OP BANK LTD.,

In the result, we do not find any merit in this appeal,

ITA/265/2018HC Karnataka04 Feb 2021

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

Section 143(3)Section 260Section 36(1)(viia)

…id down in the aforesaid decision has not been taken note of by the tribunal and therefore, the matter requires re consideration. It is also urged that reliance placed on decision of this court in COMMISSIONER OF INCOME-TAX VS. CANFIN HOMES LTD., 347 ITR 382 is of no assistance to the assessee as in the aforesaid decision, the effect of Section 36(1)(viia) of the Act has not been considered. 6. On the other hand, learned counsel for the assessee submitted that tribunal was justified in holding that accounting interest income on non performing asset on cash basis by the assessee though it w…

M/S. THE CHITRADURGA DISTRICT CO-OP CENTRAL BANK LTD,CHITRADURGA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1), DAVANGERE

In the result, both the appeals are dismissed

ITA 2120/BANG/2018[2012-13]Status: DisposedITAT Bangalore29 Sept 2020AY 2012-13

Bench: Shri N.V. Vasudevanand Shri B.R. Baskaran, Accoutant Member Assessmentyear: 2012-13

For Appellant: Shri Suresh Muthukrishnan, A.RFor Respondent: Smt. R. Premi, D.R

Section 145Section 194ASection 37Section 40

…above said advertisement is not allowable has deduction u/s 37(2B) of the Act. Accordingly, he disallowed the same. 7. In the appellate proceedings, the Ld. CIT(A) noticed that Hon’ble High Court of Karnataka has held in the case of CIT Vs. Canfin Homes Ltd. 347 ITR 382 that the interest from non- performing assets is not assessable as income. Following the same, the Ld. CIT(A) deleted the addition of interest income relating to NPA assets. The Ld. CIT(A), however, confirmed that the addition of interest income accrued on standard assets disallowance made u/s 40(a)(ia) of the Act and u/s 37(2B) of the Act. 8. A…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2(1), DAVANGERE vs. THE CHITRADURGA DISTRICT CO-OP BANK LIMITED , CHITRADURGA

In the result, both the appeals are dismissed

ITA 1937/BANG/2018[2012-13]Status: DisposedITAT Bangalore29 Sept 2020AY 2012-13

Bench: Shri N.V. Vasudevanand Shri B.R. Baskaran, Accoutant Member Assessmentyear: 2012-13

For Appellant: Shri Suresh Muthukrishnan, A.RFor Respondent: Smt. R. Premi, D.R

Section 145Section 194ASection 37Section 40

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -1(1), DAVANAGERE vs. M/S DAVANGERE URBAN CO-OP BANK , DAVANAGERE

In the result appeal filed by revenue stands dismissed

ITA 2094/BANG/2018[2011-12]Status: DisposedITAT Bangalore08 Sept 2020AY 2011-12

Bench: Shri A.K.Garodia & Smt. Beena Pillaiassessment Year : 2011-12

For Appellant: Shri T Roumuan Paite, CIT (DR)For Respondent: Smt. Sheetal Borkar, Advocate

Section 36(1)(viia)Section 40

…made on account of interest accrued/receivable on NPA but not accounted as income. In respect of remaining additions Ld.AO is view was confirmed. 4. Ld.CIT(A) following decision of Hon’able Karnataka High Court in case of CIT vs Canfin Homes Ltd., reported in 347 ITR 382 deleted the addition. 5. Aggrieved by order of Ld.CIT(A) revenue is in appeal before us now. 6. Only issue alleged by revenue is in respect of, whether, interest on non-performing assets could be treated as income accrued during the year. At the outset, Ld.AR submitted that similar issue Page 3 of 6 has been adjudicated by coordinate bench of t…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 1(1), DAVANAGERE vs. M/S. D C C CO-OPERATIVE BANK LIMITED, DAVANAGERE

In the result, appeal of the Revenue for Assessment Year 2014-15 is dismissed

ITA 1405/BANG/2019[2014-15]Status: DisposedITAT Bangalore29 May 2020AY 2014-15

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri. V. Srinivasan, AdvocateFor Respondent: Ms. Neera Malhotra, CIT (DR)(ITAT), Bengaluru

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI A. K. GARODIA, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA Nos.1403 to 1405/Bang/2019 Assessment years : 2011-12, 2013-14 and 2014-15 Assistant Commissioner of Income Tax, M/s. Davangere District Central Circle–1, Co-operative Bank Ltd., Davangere – 577 006. Vs. #311, “A’ Block, Devarja Urs Layout, P. B. Road, Davangere – 577 006. PAN : AAATD 6617 N APPELLANT RESPONDENT Revenue by : Ms. Neera Malhotra, CIT (DR)(ITAT), Bengaluru Assessee by : Shri. V. Srinivasan, Advocate Date of hearing : 04.03.2020 Date of Pronouncemen…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 1(1), DAVANAGERE vs. M/S. D D C CO-OPERATIVE BANK LIMITED, DAVANAGERE

In the result, appeal of the Revenue for Assessment Year 2014-15 is dismissed

ITA 1404/BANG/2019[2013-14]Status: DisposedITAT Bangalore29 May 2020AY 2013-14

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri. V. Srinivasan, AdvocateFor Respondent: Ms. Neera Malhotra, CIT (DR)(ITAT), Bengaluru

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), DAVANGERE vs. THE DAVANGERE URBAN CO-OP BANK LTD, DAVANGERE

ITA 1817/BANG/2018[2013-14]Status: DisposedITAT Bangalore17 Jul 2019AY 2013-14

For Appellant: Shri R.N.Siddappaji, Addl.CIT(DR)For Respondent: None

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, BENGALURU BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Asst. Commissioner of Income-tax, Circle 1(1), Davangere. … Appellant Vs. The Davangere Urban Co-op. Bank Ltd. PB Road, Davangere. … Respondent PAN:AAACT 8757 A Appellant by : Shri R.N.Siddappaji, Addl.CIT(DR) Respondent by : None Date of hearing: 15/07/2019 Date of pronouncement: 17/07/2019 O R D E R Per J. SUDHAKAR REDDY, AM: This is an appeal by the Revenue against the order of the CIT(A), Davangere, dated 22/2/2018 for the assessment year 2013- 14. 2. The only iss…

THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1 , VIJAYAPURA vs. M/ S SINDAGI URBAN CO-OPERATIVE BANK LTD , VIJAYAPUR

In the result, both the appeals of the revenue are dismissed

ITA 360/BANG/2018[2008-09]Status: DisposedITAT Bangalore30 Apr 2019AY 2008-09

Bench: Shri B.R Baskaran & Shri Pavan Kumar Gadale

For Appellant: Dr. Sandeep Goel. Addl. CIT (DR)For Respondent: Shri Sandeep, C.A

Section 43D

…IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH : BANGALORE BEFORE SHRI B.R BASKARAN, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA No.360 & 361/Bang/2018 Assessment year : 2008-09 & 2012-13 The Asst. Commissioner of Income-tax, Vs. Sindagi Urban Co-operative Bank Ltd., Circle-1, Bank Road, Sindagi, Vijayapur. Dist. Vijayapur. PAN – AAACT 3801 F. APPELLANT RESPONDENT Assessee by : Dr. Sandeep Goel. Addl. CIT (DR) Revenue by : Shri Sandeep, C.A Date of hearing : 30.04.2019 Date of Pronouncement : 30.04.2019 O R D E R Per B.R Baskaran, Accountant Member Both the appeals filed by the re…

THE THALIPARAMBA CO-OP URBANK BANK LTD,TALIPARAMABA vs. THE PR.CIT, KOZHIKKODE

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

ITA 35/COCH/2018[2013-14]Status: DisposedITAT Cochin13 Mar 2019AY 2013-14

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 143(3)Section 263Section 43D

…circular No: F-201/81/84 ITA-II dated 09/10/1984. Thus, it was submitted that the assessee was eligible for deduction under section 43D even if it not a "scheduled bank". Further, the Ld. AR relied on the following case laws: 1. CIT vs. Canfin Homes Ltd. (347 ITR 382) (Kar.) 2. The Sindagi Urban Co-op. Bank vs. Department of Income Tax (ITA No.1530/Bang/2013 dated 05/03/2015) (ITAT, Bangalore) 3. Dy. CIT vs. The Saurashtra Co-op. Bank Ltd. (ITA No. 690/Ahd/2016 dated 31/01/2018 (ITAT, Ahmedabad) 4. Dy. CIT vs. Gondal Nagarik Sahakari Bank (ITA No. 504/Rjt/2015 dated 16/01/2018 (ITAT, Rajkot) 4. The Ld. D…

THE COMMISSINER OF INCOME TAX (APPEALS) AND ANR vs. THE BIJAPUR DISTRICT CENTRAL

ITA/200014/2015HC Karnataka23 Mar 2018

Bench: R.DEVDAS,VINEET KOTHARI

Section 260A

…e, in the books of accounts for the relevant Assessment Year or such interest actually having been received by the respondent-Assessee, the said question also stand covered by the Division Bench of this Court in the case of CIT vs. Canfin Homes Limited (2012) 347 ITR 382 (Karnataka). In the aforesaid case, a Co-ordinate Bench of this Court held as under : “Therefore, it is clear, if an assessee adopts the mercantile system of accounting and in his accounts he shows a particular income as accruing, whether that amount is really accrued or not is liable to bring the said income to tax. His accounts should reflect…

THE PR. COMMISSIONER OF INCOME TAX CIT (A) vs. M/S. CITY CO OPERATIVE BANK LTD

ITA/560/2017HC Karnataka07 Mar 2018

Bench: ABHAY SHREENIWAS OKA (CJ),S SUNIL DUTT YADAV

Section 145Section 260

…IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 07TH DAY OF MARCH, 2018 PRESENT HON’BLE MR.JUSTICE DINESH MAHESHWARI, CHIEF JUSTICE AND HON’BLE MR.JUSTICE S. SUNIL DUTT YADAY INCOME TAX APPEAL NO. 560 OF 2017 BETWEEN 1. THE PR.COMMISSIONER OF INCOME-TAX, CIT(A), “2ND FLOOR, SHREE TOWERS”, No.565/A, A1, OPPOSITE TO DRR HOSTEL, HADADI ROAD, DAVANGERE- 577 004. 2. THE DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-1, NO.70, 100 FEET ROAD, GOPALAGOWDA EXTENSION, SHIVAMOGA- 577 201. …APPELLANTS (BY SRI.DILIP M, ADVOCATE FOR SRI. K. V. ARAVIND, ADVOCATE) AND M/S.…

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