CIT v. Corp. Bank Ltd.

174 ITR 616High Court1988#4303 most cited

What is CIT v. Corp. Bank Ltd. authority for?

Securities held by banks are considered stock-in-trade, and any loss arising from their valuation is deductible as a business loss. This principle applies even when a bona fide change in the method of valuation is implemented.

27

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Corp. Bank Ltd. · 174 ITR 616 · securities as stock-in-trade · business loss on securities · valuation of securities · banking norms · depreciation on securities · allowable deduction

Sections most often in play

Section 43BSection 10(20)Section 11Section 12ASection 12AASection 143(3)Section 145Section 263

Issues it is cited on

recognised provident fundapproved superannuation fundsection 11 exemptionsection 80j(6a)approved gratuity fundsection 12a(b)section 10(22)depreciation on leased assetssection 36(1)(v)section 139(4a)section 10(20)section 36(2)(v)

Judgments citing CIT v. Corp. Bank Ltd.

Asst CIT 2(2)(1), Mumbai vs. State Bank of India, Mumbai

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

ITA 3882/MUM/2017[2010-11]Status: DisposedITAT Mumbai21 Apr 2026AY 2010-11

Bench: Smt. Beena Pillai () & Shri Jagadish ()

Section 14ASection 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43B

…2 ITR 334 held that diminution in the value of securities, recognized in accordance with banking norms, is allowable as a deduction, being in the nature of a trading loss. Similarly, Hon’ble Karnataka High Court in case of Corporation Bank v. ACIT reported in 174 ITR 616 has recognized that securities held by banks constitute stock-in-trade and any loss arising on account of their valuation is allowable as business loss. This position also finds support in the decision of Hon’ble Kerala High Court in CIT v. Bank of Cochin Ltd. reported in 94 ITR 93 and Hon’ble Madras High Court in case of Indo-Commercial Bank Ltd…

State Bank of India, Mumbai vs. Asst CIT Cir 2(2), Mumbai

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

ITA 3680/MUM/2017[2010-11]Status: DisposedITAT Mumbai21 Apr 2026AY 2010-11

Bench: Smt. Beena Pillai () & Shri Jagadish ()

Section 14ASection 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43B

…2 ITR 334 held that diminution in the value of securities, recognized in accordance with banking norms, is allowable as a deduction, being in the nature of a trading loss. Similarly, Hon’ble Karnataka High Court in case of Corporation Bank v. ACIT reported in 174 ITR 616 has recognized that securities held by banks constitute stock-in-trade and any loss arising on account of their valuation is allowable as business loss. This position also finds support in the decision of Hon’ble Kerala High Court in CIT v. Bank of Cochin Ltd. reported in 94 ITR 93 and Hon’ble Madras High Court in case of Indo-Commercial Bank Ltd…

Deputy Commissioner of Income-Tax vs. The Jawaharlal Nehru Port Trust, Raigad

In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed

ITA 545/PUN/2016[2005-06]Status: DisposedITAT Pune30 Sept 2025AY 2005-06

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: S/Shri Madhur Agrawal, AdvocateFor Respondent: S/Shri Sham Walve, Special Counsel along with Tanzil Padvekar and Bhavik Chheda
Section 10(20)Section 11Section 12ASection 142Section 143(1)Section 143(3)Section 263

…. 11. A Division Bench of our Court in the case of Melmould Corp. v. CIT (1993) 202 ITR 789/71 Taxman 47 was concerned with the valuation of closing stock at cost price. Our Court referred to the decision of Karnataka High Court in CIT v Corp. Bank Ltd [1988] 174 ITR 616/41 Taxman 16l and quoted following observations of the Karnataka High Court in that case: "The change was a bona fide one and was a permanent arrangement which was to be followed year after year, the change would have to be accepted notwithstanding the fact that during the assessment year in question, which was the first year when the change of m…

Deputy Commissioner of Income-Tax vs. The Jawaharlal Nehru Port Trust, Raigad

In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed

ITA 544/PUN/2016[2004-05]Status: DisposedITAT Pune30 Sept 2025AY 2004-05

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: S/Shri Madhur Agrawal, AdvocateFor Respondent: S/Shri Sham Walve, Special Counsel along with Tanzil Padvekar and Bhavik Chheda
Section 10(20)Section 11Section 12ASection 142Section 143(1)Section 143(3)Section 263

…. 11. A Division Bench of our Court in the case of Melmould Corp. v. CIT (1993) 202 ITR 789/71 Taxman 47 was concerned with the valuation of closing stock at cost price. Our Court referred to the decision of Karnataka High Court in CIT v Corp. Bank Ltd [1988] 174 ITR 616/41 Taxman 16l and quoted following observations of the Karnataka High Court in that case: "The change was a bona fide one and was a permanent arrangement which was to be followed year after year, the change would have to be accepted notwithstanding the fact that during the assessment year in question, which was the first year when the change of m…

Deputy Commissioner of Income-Tax vs. The Jawaharlal Nehru Port Trust, Raigad

In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed

ITA 543/PUN/2016[2003-04]Status: DisposedITAT Pune30 Sept 2025AY 2003-04

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: S/Shri Madhur Agrawal, AdvocateFor Respondent: S/Shri Sham Walve, Special Counsel along with Tanzil Padvekar and Bhavik Chheda
Section 10(20)Section 11Section 12ASection 142Section 143(1)Section 143(3)Section 263

…. 11. A Division Bench of our Court in the case of Melmould Corp. v. CIT (1993) 202 ITR 789/71 Taxman 47 was concerned with the valuation of closing stock at cost price. Our Court referred to the decision of Karnataka High Court in CIT v Corp. Bank Ltd [1988] 174 ITR 616/41 Taxman 16l and quoted following observations of the Karnataka High Court in that case: "The change was a bona fide one and was a permanent arrangement which was to be followed year after year, the change would have to be accepted notwithstanding the fact that during the assessment year in question, which was the first year when the change of m…

Jawahar Lal Nehru Port Trust, Navi Mumbai vs. ACIT Panvel, Panvel

In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed

ITA 1155/MUM/2016[2004-05]Status: DisposedITAT Pune30 Sept 2025AY 2004-05

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: S/Shri Madhur Agrawal, AdvocateFor Respondent: S/Shri Sham Walve, Special Counsel along with Tanzil Padvekar and Bhavik Chheda
Section 10(20)Section 11Section 12ASection 142Section 143(1)Section 143(3)Section 263

…. 11. A Division Bench of our Court in the case of Melmould Corp. v. CIT (1993) 202 ITR 789/71 Taxman 47 was concerned with the valuation of closing stock at cost price. Our Court referred to the decision of Karnataka High Court in CIT v Corp. Bank Ltd [1988] 174 ITR 616/41 Taxman 16l and quoted following observations of the Karnataka High Court in that case: "The change was a bona fide one and was a permanent arrangement which was to be followed year after year, the change would have to be accepted notwithstanding the fact that during the assessment year in question, which was the first year when the change of m…

Jawahar Lal Nehru Port Trust, Navi Mumbai vs. ACIT Panvel, Panvel

In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed

ITA 1154/MUM/2016[2005-06]Status: DisposedITAT Pune30 Sept 2025AY 2005-06

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: S/Shri Madhur Agrawal, AdvocateFor Respondent: S/Shri Sham Walve, Special Counsel along with Tanzil Padvekar and Bhavik Chheda
Section 10(20)Section 11Section 12ASection 142Section 143(1)Section 143(3)Section 263

…. 11. A Division Bench of our Court in the case of Melmould Corp. v. CIT (1993) 202 ITR 789/71 Taxman 47 was concerned with the valuation of closing stock at cost price. Our Court referred to the decision of Karnataka High Court in CIT v Corp. Bank Ltd [1988] 174 ITR 616/41 Taxman 16l and quoted following observations of the Karnataka High Court in that case: "The change was a bona fide one and was a permanent arrangement which was to be followed year after year, the change would have to be accepted notwithstanding the fact that during the assessment year in question, which was the first year when the change of m…

Jawahar Lal Nehru Port Trust, Navi Mumbai vs. ACIT Panvel, Panvel

In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed

ITA 1153/MUM/2016[2003-04]Status: DisposedITAT Pune30 Sept 2025AY 2003-04

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: S/Shri Madhur Agrawal, AdvocateFor Respondent: S/Shri Sham Walve, Special Counsel along with Tanzil Padvekar and Bhavik Chheda
Section 10(20)Section 11Section 12ASection 142Section 143(1)Section 143(3)Section 263

…. 11. A Division Bench of our Court in the case of Melmould Corp. v. CIT (1993) 202 ITR 789/71 Taxman 47 was concerned with the valuation of closing stock at cost price. Our Court referred to the decision of Karnataka High Court in CIT v Corp. Bank Ltd [1988] 174 ITR 616/41 Taxman 16l and quoted following observations of the Karnataka High Court in that case: "The change was a bona fide one and was a permanent arrangement which was to be followed year after year, the change would have to be accepted notwithstanding the fact that during the assessment year in question, which was the first year when the change of m…

Asst CIT Cir 2(2)(1), Mumbai vs. State Bank of India, Mumbai

In the result, the appeal by the Revenue is partly allowed for statistical purposes

ITA 4564/MUM/2016[2009-10]Status: DisposedITAT Mumbai06 Jun 2023AY 2009-10

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

For Appellant: S/Shri P.J. Pardiwala a/w Ninad PatadeFor Respondent: Ms. Surabhi Sharma
Section 142(1)Section 143(2)Section 143(3)Section 14ASection 250Section 36(1)Section 36(1)(vii)Section 36(1)(viia)

…spect of securities. Accordingly, the method of valuation followed by the assessee is required to be accepted. Reliance in this regard is placed on the following decisions:  CIT vs. Bank of Baroda [2003] 262 ITR 334 (Bombay)  CIT vs. Corpn. Bank Ltd. [1988] 174 ITR 616 (Karnataka) Further, the issue was not disputed upto financial year 2003-04 and hence, the AO is not justified in taking a different view. 68. The assessee also relied on the judgement of the Bombay High Court in the case of Union Bank of India dated 08.02.2016 in ITA 1977 of 2013. The assessee in this case for the purpose of its books was nettin…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal by the Revenue is partly allowed for statistical purposes

ITA 3645/MUM/2016[2009-10]Status: DisposedITAT Mumbai06 Jun 2023AY 2009-10

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

For Appellant: S/Shri P.J. Pardiwala a/w Ninad PatadeFor Respondent: Ms. Surabhi Sharma
Section 142(1)Section 143(2)Section 143(3)Section 14ASection 250Section 36(1)Section 36(1)(vii)Section 36(1)(viia)

…spect of securities. Accordingly, the method of valuation followed by the assessee is required to be accepted. Reliance in this regard is placed on the following decisions:  CIT vs. Bank of Baroda [2003] 262 ITR 334 (Bombay)  CIT vs. Corpn. Bank Ltd. [1988] 174 ITR 616 (Karnataka) Further, the issue was not disputed upto financial year 2003-04 and hence, the AO is not justified in taking a different view. 68. The assessee also relied on the judgement of the Bombay High Court in the case of Union Bank of India dated 08.02.2016 in ITA 1977 of 2013. The assessee in this case for the purpose of its books was nettin…

Bg Exploration & Production India Limited, Mumbai vs. The Deputy Commissioner of Income Tax, DDIT/ADIT (International Taxation), Circle -1, Dehradun

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

ITA 5/DDN/2022[2017-2018]Status: DisposedITAT Dehradun31 Mar 2022AY 2017-2018
For Appellant: Shri Ajay Vohra, Sr. Advocate &For Respondent: Shri T.S. Mapwal, Sr. DR
Section 143(3)Section 144C(13)Section 92C

…l principle of accountancy that the figure of the closing stock of the earlier year has to form the opening stock of the next accounting year .To the same effect is the decision of the Hon'ble Bombay High Court in the case of CIT v . Corporation Bank Limited (174 ITR 616). 52 . In view of the above binding precedents, the AO ought to be directed to accept the opening WDV of assets as submitted by the appellant in the schedule to computation of income which is arrived from the closing WDV of fixed assets of previous year. Accordingly , the AO be directed to delete disallowance on account of difference in depletion…

DCIT 2(2), Mumbai vs. State Bank of India, Mumbai

ITA 4951/MUM/2013[2005-06]Status: DisposedITAT Mumbai22 Mar 2022AY 2005-06

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

For Appellant: Shri Ketan Ved, A.RFor Respondent: Shri Anand Mohan, D.R
Section 14Section 14ASection 36Section 41(4)

…the assessee is required to be accepted. Reliance in this regard is placed on the following decisions: 34 ITA No.3685/M/2013 & ITA No.4951/M/2013 M/s. State Bank of India • CIT vs. Bank of Baroda [2003] 262 ITR 334 (Bombay) • CIT vs. Corpn. Bank Ltd. [1988] 174 ITR 616 (Karnataka) Further, the issue was not disputed upto financial year 2003-04 and hence, the AO is not justified in taking a different view. 68. The assessee also relied on the judgement of the Bombay High Court in the case of Union Bank of India dated 08.02.2016 in ITA 1977 of 2013. The assessee in this case for the purpose of its books was nettin…

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

ITA 3685/MUM/2013[2005-06]Status: DisposedITAT Mumbai22 Mar 2022AY 2005-06

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

For Appellant: Shri Ketan Ved, A.RFor Respondent: Shri Anand Mohan, D.R
Section 14Section 14ASection 36Section 41(4)

…the assessee is required to be accepted. Reliance in this regard is placed on the following decisions: 34 ITA No.3685/M/2013 & ITA No.4951/M/2013 M/s. State Bank of India • CIT vs. Bank of Baroda [2003] 262 ITR 334 (Bombay) • CIT vs. Corpn. Bank Ltd. [1988] 174 ITR 616 (Karnataka) Further, the issue was not disputed upto financial year 2003-04 and hence, the AO is not justified in taking a different view. 68. The assessee also relied on the judgement of the Bombay High Court in the case of Union Bank of India dated 08.02.2016 in ITA 1977 of 2013. The assessee in this case for the purpose of its books was nettin…

Bg Exploration & Production India Limited, Mumbai vs. The Deputy Commissioner of Income Tax DDIT/ADIT (International Taxation ) Circle-1, Dehradun

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

ITA 7/DDN/2021[2016-17]Status: DisposedITAT Dehradun14 Dec 2021AY 2016-17

Bench: Shri R.K. Panda & Shri V.P. Raoassessment Years: 2016-17

For Appellant: Sh. Ajay Vohra, Sr. AdvocateFor Respondent: Sh. N.S. Jangpangi, CIT/DR
Section 143(3)Section 144C(13)Section 144C(5)Section 44C

…tal principle of accountancy that the figure of the closing stock of the earlier year has to form the opening stock of the next accounting year.To the same effect is the decision of the Hon'ble Bombay High Court in the case of CIT v. Corporation Bank Limited (174 ITR 616). 52. In view of the above binding precedents, the AO ought to be directed to accept the opening WDV of assets as submitted by the appellant in the schedule to computation of income which is arrived from the closing WDV of fixed assets of previous year. Accordingly, the AO be directed to delete disallowance on account of difference in depletion…

State Bank of India, Mumbai vs. Asst CIT Cir 2(2), Mumbai

In the result, appeal of the Revenue in ITA No

ITA 3779/MUM/2012[2003-04]Status: DisposedITAT Mumbai30 Sept 2021AY 2003-04
Section 143(3)

…spect of securities. Accordingly, the method of valuation followed by the assessee is required to be accepted. Reliance in this regard is placed on the following decisions:  CIT vs. Bank of Baroda [2003] 262 ITR 334 (Bombay)  CIT vs. Corpn. Bank Ltd. [1988] 174 ITR 616 (Karnataka) Further, the issue was not disputed upto financial year 2003-04 and hence, the AO is not justified in taking a different view. 68. The assessee also relied on the judgement of the Bombay High Court in the case of Union Bank of India dated 08.02.2016 in ITA 1977 of 2013. The assessee in this case for the purpose of its books was nettin…

M/S Ekta Housing Pvt. Ltd., Mumbai vs. Dy. CIT Central Circle-6(2), Mumbai

The appeal of the revenue is dismissed

ITA 1732/MUM/2019[2013-14]Status: DisposedITAT Mumbai24 May 2021AY 2013-14

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood ()

…e Hon‟ble High Court of Bombay in its earlier judgment passed in the case of Melmould Corporation Vs. Commissioner of Income Tax, 202 ITR 789 (Bom), relying on the decision of Karnataka High Court in Commissioner of Income Tax Vs. Corporation Bank Ltd. (1988) 174 ITR 616 (Kar) had held that where the change in the method of accounting is a bonafide one which was thereafter consistently followed by the assessee year after year, then, the change would have to be accepted irrespective of the fact that during the year when the change wsa brought about a deteriment was caused to the revenue. The Hon‟ble High Court had…

Mahanadi Coalfields Ltd., Sambalpur vs. DCIT, Circle-2(1), Sambalpur

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

ITA 174/CTK/2018[2015-16]Status: DisposedITAT Cuttack05 Jun 2020AY 2015-16

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.174/Ctk/2018 (नििाारण वषा / Assessment Year : 2015 - 2016) Mahanadi Coalfields Ltd., Vs. Dcit, Circle-2(1), Sambalpur Jagriti Vihar, Burla, Sambalpur स्थायी ऱेखा सं./Pan No. : Aabcm 5188 P (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. यनधागररती की ओर से /Assessee By : Shri S.S.Podar, Ca राजस्व की ओर से /Revenue By : Shri S.M.Keshkamat, Citdr सुनवाई की तारीख / Date Of Hearing : 15/01/2020 घोषणा की तारीख/Date Of Pronouncement : 05/06/2020 आदेश / O R D E R Per L.P.Sahu, Am :

For Appellant: Shri S.S.Podar, CAFor Respondent: Shri S.M.Keshkamat, CITDR
Section 143(3)Section 14ASection 32Section 35ESection 37Section 37(1)

…essee) is allowable in the eye of law if the change made is bonafide and the new method adopted 25 is a recognized method. Reference is also drawn in this regard to the under noted Court decisions enunciating such principle - • CIT vs Corporation Bank Ltd. [174 ITR 616, 620 (Kar.)] The Karnataka High Court has held, following the decision of the Supreme Court in Chainrup Sampatramvs CIT [24 ITR 481 (SC)], that irrespective of the basis adopted for valuation in earlier years, the assessee had the option to change the method of valuation of closing stock at cost or market price, whichever is lower, at any time,…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed, as indicated above

ITA 3644/MUM/2016[2008-09]Status: DisposedITAT Mumbai03 Feb 2020AY 2008-09

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

For Appellant: Shri P.J. Pardiwalla &For Respondent: Shri Anadi Varma, CIT-DR&
Section 143(3)Section 147

…pect of securities. Accordingly, the method of valuation followed by the assessee is required to be accepted. Reliance in this regard is placed on the following decisions:  CIT vs. Bank of Baroda [2003] 262 ITR 334 (Bombay)  CIT vs. Corpn. Bank Ltd. [1988] 174 ITR 616 (Karnataka) Further, the issue was not disputed upto financial year 2003-04 and hence, the AO is not justified in taking a different view. 68. The assessee also relied on the judgement of the Bombay High Court in the case of Union Bank of India dated 08.02.2016 in ITA 1977 of 2013. The assessee in this case for the purpose of its books was netti…

Highstreet Developers Pvt. Ltd., Mumbai vs. I.T.O. - 3(1)(4), Mumbai

In the result, appeal filed by the assesee is allowed

ITA 92/MUM/2018[2012-13]Status: DisposedITAT Mumbai29 Jan 2020AY 2012-13

Bench: Shri G. Manjunatha & Shri Ram Lal Negihighstreet Developers Vs. Ito-3(1)(4) Private Limited Aaykar Bhawan Sp Centre, 41/44 M.K.Road Minoo Desai Marg, Mumbai-400 020 Colaba Mumbai-400 005 Pan/Gir No.Aabch6648H Appellant) .. Respondent)

Section 37Section 37(1)

…a method of accounting from a particular date to give different treatment to a particular of item of expenditure or income. This legal proposition is supported by the decision of Hon’ble Karnataka High Court, in the case of CIT vs Corporation Bank Ltd. (1988) 174 ITR 616, where it was held that the assessee had the right to change over the present method, provided such change was bonafide and followed regularly. Thereafter, the Hon’ble Bombay High Court, in the case of Bajaj Auto Limited vs CIT(supra) had taken similar view and held that the assesee was well within its rights to bring about changes, so long as 12…

ACIT Circle 1, Madurai vs. Thiagarajar Mills Ltd., Madurai

In the result, the appeals filed by

ITA 1801/CHNY/2007[2002-03]Status: DisposedITAT Chennai05 Dec 2019AY 2002-03

Bench: Shri N.R.S. Ganesan & Shri Inturi Rama Rao]

For Appellant: NoneFor Respondent: Shri. A.Sundararajan, Addl. CIT
Section 143(3)Section 80

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘ B’ BENCH : CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी इंटूर" रामा राव, लेखा सद"य के सम" [BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER] आयकर अपील सं./I.T.A. Nos.426 & 1801/Mds/2007 & C.O. No 104/Mds/2007 (in I.T.A. No. 1801/Mds/2007) "नधा"रण वष" /Assessment years :2003-04 & 2002-2003. The Assistant Commissioner Vs. M/s. Thiagarajar Mills Ltd, of Income Tax, Kappalur, Company Circle I, Madurai 625 008. Madurai. (Respondent/ Cross Objector) (अपीलाथ"/Appellant) आयकर अपील सं./I.T.A. No…