What is CIT v. City Union Bank Ltd. authority for?

When investments are made in accordance with the Income Tax Act, and the market price of these investments changes from the value shown in the opening balance at the year-end, depreciation on such investments can be allowed.

How many judgments cite CIT v. City Union Bank Ltd.?

32 judgments on BharatTax cite CIT v. City Union Bank Ltd. (291 ITR 144), spanning 2015 to 2024.

Which sections of the Income Tax Act does CIT v. City Union Bank Ltd. come up under?

It is most often cited in judgments turning on Section 14A, Section 36(1)(vii), Section 36(1)(viii), Section 40A(9), Section 41(4).

CIT v. City Union Bank Ltd. (291 ITR 144)

ITO WD 1(3), Kalyan vs. Nagrik Sahakari Bank Ltd, Bhiwandi

The appeal of the Revenue is dismissed

ITA 7224/MUM/2014[2010-11]Status: DisposedITAT Mumbai27 Jan 2017AY 2010-11

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2010-11 Income Tax Officer, M/S Nagrik Sahakari Bank Ward-1(3), Ltd. बनाम/ 1St Floor, Mohan Plaza, H. No.27, Prabhu Ali, Vs. Wayale Nagar, Khadakpada, Opp. Bank Of India, Kalyan Bhiwani, Maharashtra-421302 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aaaan0638A

…amount is a capital expenditure. On appeal before the Ld. Commissioner of Income Tax (Appeal), the factual matrix along with various case laws like Uco Bank vs CIT 240 ITR 355 (SC), CIT vs Bank of Baroda 262 ITR 334 (Bom.), CIT vs City Union Bank Ltd. (2007) 291 ITR 144 (Mad.) and CIT vs Karur Vysya Bank Ltd. 273 ITR 510 (Mad.), etc. were considered and following the decision in the case of the assessee for Assessment Year 2009-10 held that the amount written off by the assessee as ‘amortization of premium on government securities’ in ‘HTM’ category was an allowable expenditure. Since, the issue is covered in fa…

City Union Bank Limited, Kumbakonam vs. JCIT, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 2035/CHNY/2014[2008-09]Status: DisposedITAT Chennai28 Dec 2016AY 2008-09

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT

Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…& 2035/Mds/2014 as revenue expenditure. Since, the securities are stock in trade and valued at cost or market value whichever is less the claim has to be allowed. The Ld. CIT(A) placed reliance on Jurisdictional High Court decision in assessee's own case in 291 ITR 144 (Mds), where it was held that the depreciation on investments is allowable claim. Similarly, co-ordinate bench of Tribunal, in assessee's own case for the assessment years 2004-05, 2006-07 and 2007-08, in ITA No. 937, 940 and 770/2010, following Jurisdictional High Court decision allowed the claim, accordingly, the Ld. CIT(A) directed the As…

City Union Bank Limited, Kumbakonam vs. JCIT, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 2034/CHNY/2014[2007-08]Status: DisposedITAT Chennai28 Dec 2016AY 2007-08

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT

Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…& 2035/Mds/2014 as revenue expenditure. Since, the securities are stock in trade and valued at cost or market value whichever is less the claim has to be allowed. The Ld. CIT(A) placed reliance on Jurisdictional High Court decision in assessee's own case in 291 ITR 144 (Mds), where it was held that the depreciation on investments is allowable claim. Similarly, co-ordinate bench of Tribunal, in assessee's own case for the assessment years 2004-05, 2006-07 and 2007-08, in ITA No. 937, 940 and 770/2010, following Jurisdictional High Court decision allowed the claim, accordingly, the Ld. CIT(A) directed the As…

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 1804/CHNY/2014[2010-11]Status: DisposedITAT Chennai28 Dec 2016AY 2010-11

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT

Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…& 2035/Mds/2014 as revenue expenditure. Since, the securities are stock in trade and valued at cost or market value whichever is less the claim has to be allowed. The Ld. CIT(A) placed reliance on Jurisdictional High Court decision in assessee's own case in 291 ITR 144 (Mds), where it was held that the depreciation on investments is allowable claim. Similarly, co-ordinate bench of Tribunal, in assessee's own case for the assessment years 2004-05, 2006-07 and 2007-08, in ITA No. 937, 940 and 770/2010, following Jurisdictional High Court decision allowed the claim, accordingly, the Ld. CIT(A) directed the As…

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 1803/CHNY/2014[2009-10]Status: DisposedITAT Chennai28 Dec 2016AY 2009-10

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT

Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…& 2035/Mds/2014 as revenue expenditure. Since, the securities are stock in trade and valued at cost or market value whichever is less the claim has to be allowed. The Ld. CIT(A) placed reliance on Jurisdictional High Court decision in assessee's own case in 291 ITR 144 (Mds), where it was held that the depreciation on investments is allowable claim. Similarly, co-ordinate bench of Tribunal, in assessee's own case for the assessment years 2004-05, 2006-07 and 2007-08, in ITA No. 937, 940 and 770/2010, following Jurisdictional High Court decision allowed the claim, accordingly, the Ld. CIT(A) directed the As…

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 1802/CHNY/2014[2008-09]Status: DisposedITAT Chennai28 Dec 2016AY 2008-09

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT

Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…& 2035/Mds/2014 as revenue expenditure. Since, the securities are stock in trade and valued at cost or market value whichever is less the claim has to be allowed. The Ld. CIT(A) placed reliance on Jurisdictional High Court decision in assessee's own case in 291 ITR 144 (Mds), where it was held that the depreciation on investments is allowable claim. Similarly, co-ordinate bench of Tribunal, in assessee's own case for the assessment years 2004-05, 2006-07 and 2007-08, in ITA No. 937, 940 and 770/2010, following Jurisdictional High Court decision allowed the claim, accordingly, the Ld. CIT(A) directed the As…

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 1801/CHNY/2014[2008-09]Status: DisposedITAT Chennai28 Dec 2016AY 2008-09

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT

Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…& 2035/Mds/2014 as revenue expenditure. Since, the securities are stock in trade and valued at cost or market value whichever is less the claim has to be allowed. The Ld. CIT(A) placed reliance on Jurisdictional High Court decision in assessee's own case in 291 ITR 144 (Mds), where it was held that the depreciation on investments is allowable claim. Similarly, co-ordinate bench of Tribunal, in assessee's own case for the assessment years 2004-05, 2006-07 and 2007-08, in ITA No. 937, 940 and 770/2010, following Jurisdictional High Court decision allowed the claim, accordingly, the Ld. CIT(A) directed the As…

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 1671/CHNY/2014[2007-08]Status: DisposedITAT Chennai28 Dec 2016AY 2007-08

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT

Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…& 2035/Mds/2014 as revenue expenditure. Since, the securities are stock in trade and valued at cost or market value whichever is less the claim has to be allowed. The Ld. CIT(A) placed reliance on Jurisdictional High Court decision in assessee's own case in 291 ITR 144 (Mds), where it was held that the depreciation on investments is allowable claim. Similarly, co-ordinate bench of Tribunal, in assessee's own case for the assessment years 2004-05, 2006-07 and 2007-08, in ITA No. 937, 940 and 770/2010, following Jurisdictional High Court decision allowed the claim, accordingly, the Ld. CIT(A) directed the As…

The Little Kancheepuram Co-Op Urban Ltd., Kancheepuram vs. ACIT, Vellore

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 655/CHNY/2016[2011-12]Status: DisposedITAT Chennai09 Sept 2016AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita Nos.654 & 655/Mds/2016 "नधा"रण वष" / Assessment Years : 2008-09 & 2011-12 M/S The Little Kancheepuram Co-Op. Urban Ltd., C/O Shri A.K. Venugopal, The Assistant Commissioner Of Chartered Accountant, V. Income Tax, No.10, Thirupakkudal Street, Kancheepuram – 631 501. Kancheepuram – 631 501. Pan : Aaato 1272 H (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri A.K. Venugopal, CAFor Respondent: Shri Shiva Srinivas, JCIT

Section 36(1)(viia)

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी "ड.एस. सु"दर "संह, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.654 & 655/Mds/2016 "नधा"रण वष" / Assessment Years : 2008-09 & 2011-12 M/s The Little Kancheepuram Co-op. Urban Ltd., C/o Shri A.K. Venugopal, The Assistant Commissioner of Chartered Accountant, v. Income Tax, No.10, Thirupakkudal Street, Kancheepuram – 631 501. Kancheepuram – 631 501. PAN : AAATO 1272 H (अपीलाथ"/Appellant) (""यथ"/Resp…

The Little Kancheepuram Co-Op Urban Ltd., Kancheepuram vs. ACIT, Vellore

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 654/CHNY/2016[2008-09]Status: DisposedITAT Chennai09 Sept 2016AY 2008-09

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita Nos.654 & 655/Mds/2016 "नधा"रण वष" / Assessment Years : 2008-09 & 2011-12 M/S The Little Kancheepuram Co-Op. Urban Ltd., C/O Shri A.K. Venugopal, The Assistant Commissioner Of Chartered Accountant, V. Income Tax, No.10, Thirupakkudal Street, Kancheepuram – 631 501. Kancheepuram – 631 501. Pan : Aaato 1272 H (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri A.K. Venugopal, CAFor Respondent: Shri Shiva Srinivas, JCIT

Section 36(1)(viia)

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी "ड.एस. सु"दर "संह, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.654 & 655/Mds/2016 "नधा"रण वष" / Assessment Years : 2008-09 & 2011-12 M/s The Little Kancheepuram Co-op. Urban Ltd., C/o Shri A.K. Venugopal, The Assistant Commissioner of Chartered Accountant, v. Income Tax, No.10, Thirupakkudal Street, Kancheepuram – 631 501. Kancheepuram – 631 501. PAN : AAATO 1272 H (अपीलाथ"/Appellant) (""यथ"/Resp…

Vijaya Bank, Bangalore vs. Addl.C.I.T., Bangalore

In the result the appeal by the Assessee is allowed

ITA 653/BANG/2012[2008-09]Status: DisposedITAT Bangalore27 Feb 2015AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2008-09

For Appellant: Shri S.Ananthan and Smt.Lalitha Rameswaran, CAsFor Respondent: Shri O.P.Yadav, CIT-III (DR)

Section 36(1)(viia)

…jurisdictional High Court considered the questions of law answered by two judgments of Kerala and Madras High Courts in South Indian Bank ITA Nos. 578 & 653/Bang/2012 Page 21 of 49 Ltd. Vs. CIT [2003 262 ITR 579], and in CIT Vs. City Union Bank Ltd. [20071 291 ITR 144]. The ratio of the case of Kerala High Court, after considering the provisions of section 36(1)(vii) and (viia), was that a scheduled bank might be having both urban and rural branches and advances were given from both branches. Having regard to the hazards involved in realising the advances made by rural branches, particularly to agriculturist…

JCIT, Bangalore vs. M/S Vijaya Bank, Bangalore

In the result the appeal by the Assessee is allowed

ITA 578/BANG/2012[2008-09]Status: DisposedITAT Bangalore27 Feb 2015AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2008-09

For Appellant: Shri S.Ananthan and Smt.Lalitha Rameswaran, CAsFor Respondent: Shri O.P.Yadav, CIT-III (DR)

Section 36(1)(viia)

…jurisdictional High Court considered the questions of law answered by two judgments of Kerala and Madras High Courts in South Indian Bank ITA Nos. 578 & 653/Bang/2012 Page 21 of 49 Ltd. Vs. CIT [2003 262 ITR 579], and in CIT Vs. City Union Bank Ltd. [20071 291 ITR 144]. The ratio of the case of Kerala High Court, after considering the provisions of section 36(1)(vii) and (viia), was that a scheduled bank might be having both urban and rural branches and advances were given from both branches. Having regard to the hazards involved in realising the advances made by rural branches, particularly to agriculturist…

CIT v. City Union Bank Ltd.

What is CIT v. City Union Bank Ltd. authority for?

Also referred to as

Sections most often in play

Issues it is cited on

Judgments citing CIT v. City Union Bank Ltd.

ITO WD 1(3), Kalyan vs. Nagrik Sahakari Bank Ltd, Bhiwandi

City Union Bank Limited, Kumbakonam vs. JCIT, Kumbakonam

City Union Bank Limited, Kumbakonam vs. JCIT, Kumbakonam

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

The Little Kancheepuram Co-Op Urban Ltd., Kancheepuram vs. ACIT, Vellore

The Little Kancheepuram Co-Op Urban Ltd., Kancheepuram vs. ACIT, Vellore

Vijaya Bank, Bangalore vs. Addl.C.I.T., Bangalore

JCIT, Bangalore vs. M/S Vijaya Bank, Bangalore