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 366,339 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.

Thiagarajar Mills Limited, Madurai vs. ACIT Company Circle I, Madurai

In the result, the appeals filed by

ITA 1160/CHNY/2007[2004-05]Status: DisposedITAT Chennai05 Dec 2019AY 2004-05

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…

Bg Exploration & Production India Ltd., Mumbai vs. DCIT, International Taxation, Circle-1, Dehradun

In the result, the appeals filed by the assessee for assessment years 2013-14 and 2014-15 are allowed as discussed hereinabove

ITA 7477/DEL/2018[2014-15]Status: DisposedITAT Delhi03 Apr 2019AY 2014-15

Bench: Sh. N. S. Saini & Smt. Beena A. Pillaiita No. 7476/Del/2018 : Asstt. Year : 2013-14

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Sanjay I. Bara, CIT DR
Section 143(3)

…al 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 ITA Nos. 7476 & 7477Del/2018 38 BG Exploration & Production India Ltd. previous year. Accordingly, the AO…

Bg Exploration & Production India Ltd., Mumbai vs. DCIT, International Taxation, Circle-1, Dehradun

In the result, the appeals filed by the assessee for assessment years 2013-14 and 2014-15 are allowed as discussed hereinabove

ITA 7476/DEL/2018[2013-14]Status: DisposedITAT Delhi03 Apr 2019AY 2013-14

Bench: Sh. N. S. Saini & Smt. Beena A. Pillaiita No. 7476/Del/2018 : Asstt. Year : 2013-14

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Sanjay I. Bara, CIT DR
Section 143(3)

…al 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 ITA Nos. 7476 & 7477Del/2018 38 BG Exploration & Production India Ltd. previous year. Accordingly, the AO…

DCIT, New Delhi vs. M/S National Fertilizers Ltd., New Delhi

In the result, appeals filed by the Revenue are dismissed and the appeals filed by the assessee are allowed for all the Assessment Years

ITA 3947/DEL/2013[2006-07]Status: DisposedITAT Delhi31 May 2016AY 2006-07

Bench: Shri N. K. Saini & Smt. Beena A. Pillai

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Sunil Chander Sharma, CIT DR
Section 145Section 37(1)

…os.3517-3520/Del/2013 the decision of Hon'ble Supreme Court in the case of Chainroop Sampatram Vs CIT (1953) 24 ITR 481 (S.C.) and Hon'ble Bombay High Court in the case of CIT Vs Indian Rare Earths Ltd. (2015) 375 ITR 276, CIT Vs Corporation Bank Ltd. (1988) 174 ITR 616 (Kar.), Bharat Heavy Electricals Ltd. Vs DCIT (2005) (7) TMI-299-ITAT- Del. 6. On the contrary, Ld. D.R. submitted that the assessee has changed the method of valuation and has not reflected the true profits. He submitted that the assessee has not followed the mandate of Section 145A of the Act, which starts with a non obstinate clause and overri…

M/S National Fertilizer Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeals filed by the Revenue are dismissed and the appeals filed by the assessee are allowed for all the Assessment Years

ITA 3520/DEL/2013[2006-07]Status: DisposedITAT Delhi31 May 2016AY 2006-07

Bench: Shri N. K. Saini & Smt. Beena A. Pillai

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Sunil Chander Sharma, CIT DR
Section 145Section 37(1)

…os.3517-3520/Del/2013 the decision of Hon'ble Supreme Court in the case of Chainroop Sampatram Vs CIT (1953) 24 ITR 481 (S.C.) and Hon'ble Bombay High Court in the case of CIT Vs Indian Rare Earths Ltd. (2015) 375 ITR 276, CIT Vs Corporation Bank Ltd. (1988) 174 ITR 616 (Kar.), Bharat Heavy Electricals Ltd. Vs DCIT (2005) (7) TMI-299-ITAT- Del. 6. On the contrary, Ld. D.R. submitted that the assessee has changed the method of valuation and has not reflected the true profits. He submitted that the assessee has not followed the mandate of Section 145A of the Act, which starts with a non obstinate clause and overri…

DCIT vs. Sri. Chamundeshwari Sugar Ltd

In the result, appeal of the Revenue is treated as allowed for statistical purpose

ITA 1538/BANG/2013[1990-91]Status: DisposedITAT Bangalore18 Mar 2016AY 1990-91

Bench: Shri. Abraham P. George & Shri. Vijay Pal Raoi.T.A No.1538/Bang/2013 (Assessment Year : 1990-91) Deputy Commissioner Of Income Tax, Circle – 12(1), Bangalore .. Appellant V. M/S. Sri Chamundeshwari Sugar Ltd, No.76, Ulsoor Road, Bangalore 560 042 .. Respondent Pan : Aaccss004R Assessee By : Vikram Vijayaraghavan, Advocate Revenue By : Shri. Sunil Kumar Agarwala, Jcit Heard On : 08.03.2016 Pronounced On : 18.03.2015 O R D E R Per Abraham P. George:

For Appellant: Vikram Vijayaraghavan, AdvocateFor Respondent: Shri. Sunil Kumar Agarwala, JCIT
Section 269

…ITA.1538/Bang/2013 Page - 1 IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH 'C', BANGALORE BEFORE SHRI. ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AND SHRI. VIJAY PAL RAO, JUDICIAL MEMBER I.T.A No.1538/Bang/2013 (Assessment Year : 1990-91) Deputy Commissioner of Income tax, Circle – 12(1), Bangalore .. Appellant v. M/s. Sri Chamundeshwari Sugar Ltd, No.76, Ulsoor Road, Bangalore 560 042 .. Respondent PAN : AACCSS004R Assessee by : Vikram Vijayaraghavan, Advocate Revenue by : Shri. Sunil Kumar Agarwala, JCIT Heard on : 08.03.2016 Pronounced on : 18.03.2015 O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER : T…

Bses Rajdhani Power Ltd., New Delhi vs. ACIT, New Delhi

The appeal is partly allowed

ITA 3688/DEL/2011[2005-06]Status: DisposedITAT Delhi05 Oct 2015AY 2005-06

Bench: Shri I.C. Sudhir & Shri Inturi Rama Rao Assessment Year : 2005-06 Bses Rajdhani Power Ltd., Vs. Assistant Cit, Bses Bhawan, Nehru Place, Circle-3(1), New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent) Assessment Year: 2005-06 Deputy Cit, Vs. Bses Rajdhani Power Ltd., Circle 3(1), Bses Bhavan, Nehru Place, New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent) Assessment Year : 2006-07 Bses Rajdhani Power Ltd., Vs. Assistant Cit, Bses Bhawan, Nehru Place, Circle-3(1), New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent) Assessment Year: 2006-07 Deputy Cit, Vs. Bses Rajdhani Power Ltd., Circle 3(1), Bses Bhavan, Nehru Place, New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent)

Section 154

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH “F” NEW DELHI) BEFORE SHRI I.C. SUDHIR AND SHRI INTURI RAMA RAO Assessment year : 2005-06 BSES Rajdhani Power Ltd., vs. Assistant CIT, BSES Bhawan, Nehru Place, Circle-3(1), New Delhi. New Delhi. (PAN: AAGCS3187H) (Appellant) (Respondent) Assessment Year: 2005-06 Deputy CIT, vs. BSES Rajdhani Power Ltd., Circle 3(1), BSES Bhavan, Nehru Place, New Delhi. New Delhi. (PAN: AAGCS3187H) (Appellant) (Respondent) Assessment year : 2006-07 BSES Rajdhani Power Ltd., vs. Assistant CIT, BSES Bhawan, Nehru Place, Circle-3(1), New Delhi. New Delhi. (PAN: AAGCS3187H) (Appell…