CIT v. Nainital Bank Ltd.

309 ITR 335High Court#8392 most cited

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

Interest accrued on bad and doubtful loans cannot be considered income if it is not credited to the profit and loss account as per prudential norms, reflecting the 'real income' principle.

13

judgments rely on this decision, according to BharatTax’s citation analysis of 366,315 Indian tax judgments — from 2010 to 2024.

Also referred to as

CIT v. Nainital Bank Ltd. · 309 ITR 335 · real income · RBI prudential norms · interest on bad and doubtful loans · accounting policy · accrual of income · profit and loss account

Issues it is cited on

section 3asection 36(2)(v)section 4asection 61section 46section 36(2)section 36(1)(viia)section 155section 36(1)(vii)profits and gains of business or professiongross total incomesection 32

Judgments citing CIT v. Nainital Bank Ltd.

The Andhra Pradesh State Co-Operative Bank Ltd, Vijayawada vs. Assistant Commissioner of Income Tax, Circle-4(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 464/HYD/2023[2010-11]Status: DisposedITAT Hyderabad29 Jul 2024AY 2010-11

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad BEFORE SHRI LALIET KUMAR, JUDICIAL MEMBER AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA Nos.1796/Hyd/2017,241/Hyd/2018, 464/Hyd/2023 & 460 to 463/Hyd/2023) (निर्धारण वर्ा/Assessment Years(“A.Ys.”): 2008-09 to 2014-15 ) & (S.A. Nos.63,67,64 to 66/Hyd/2023 ) (निर्धारण वर्ा/A.Ys: 2008-09, 2010-11, 2011-12, 2012-13 & 2014-15 ) The Andhra Pradesh State Co- Asst. Commissioner of Income Tax, Vs. Circle 4(1), Hyderabad. operative Bank Limited, Hyderabad. PAN: AAAAT2971J (Appellant) (Respondent) निर्धारर…

The Andhra Pradesh State Co-Operative Bank Ltd, Vijayawada vs. Assistant Commissioner of Income Tax, Circle-4(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 463/HYD/2023[2014-15]Status: DisposedITAT Hyderabad29 Jul 2024AY 2014-15

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad BEFORE SHRI LALIET KUMAR, JUDICIAL MEMBER AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA Nos.1796/Hyd/2017,241/Hyd/2018, 464/Hyd/2023 & 460 to 463/Hyd/2023) (निर्धारण वर्ा/Assessment Years(“A.Ys.”): 2008-09 to 2014-15 ) & (S.A. Nos.63,67,64 to 66/Hyd/2023 ) (निर्धारण वर्ा/A.Ys: 2008-09, 2010-11, 2011-12, 2012-13 & 2014-15 ) The Andhra Pradesh State Co- Asst. Commissioner of Income Tax, Vs. Circle 4(1), Hyderabad. operative Bank Limited, Hyderabad. PAN: AAAAT2971J (Appellant) (Respondent) निर्धारर…

The Andhra Pradesh State Co-Operative Bank Ltd, Vijayawada vs. Assistant Commissioner of Income Tax, Circle-4(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 462/HYD/2023[2013-14]Status: DisposedITAT Hyderabad29 Jul 2024AY 2013-14

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad BEFORE SHRI LALIET KUMAR, JUDICIAL MEMBER AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA Nos.1796/Hyd/2017,241/Hyd/2018, 464/Hyd/2023 & 460 to 463/Hyd/2023) (निर्धारण वर्ा/Assessment Years(“A.Ys.”): 2008-09 to 2014-15 ) & (S.A. Nos.63,67,64 to 66/Hyd/2023 ) (निर्धारण वर्ा/A.Ys: 2008-09, 2010-11, 2011-12, 2012-13 & 2014-15 ) The Andhra Pradesh State Co- Asst. Commissioner of Income Tax, Vs. Circle 4(1), Hyderabad. operative Bank Limited, Hyderabad. PAN: AAAAT2971J (Appellant) (Respondent) निर्धारर…

The Andhra Pradesh State Co-Operative Bank Ltd, Vijayawada vs. Assistant Commissioner of Income Tax, Circle-5(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 461/HYD/2023[2012-13]Status: DisposedITAT Hyderabad29 Jul 2024AY 2012-13

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad BEFORE SHRI LALIET KUMAR, JUDICIAL MEMBER AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA Nos.1796/Hyd/2017,241/Hyd/2018, 464/Hyd/2023 & 460 to 463/Hyd/2023) (निर्धारण वर्ा/Assessment Years(“A.Ys.”): 2008-09 to 2014-15 ) & (S.A. Nos.63,67,64 to 66/Hyd/2023 ) (निर्धारण वर्ा/A.Ys: 2008-09, 2010-11, 2011-12, 2012-13 & 2014-15 ) The Andhra Pradesh State Co- Asst. Commissioner of Income Tax, Vs. Circle 4(1), Hyderabad. operative Bank Limited, Hyderabad. PAN: AAAAT2971J (Appellant) (Respondent) निर्धारर…

The Andhra Pradesh State Co-Operative Bank Ltd, Vijayawada vs. Assistant Commissioner of Income Tax, Circle-4(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 460/HYD/2023[2011-12]Status: DisposedITAT Hyderabad29 Jul 2024AY 2011-12

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad BEFORE SHRI LALIET KUMAR, JUDICIAL MEMBER AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA Nos.1796/Hyd/2017,241/Hyd/2018, 464/Hyd/2023 & 460 to 463/Hyd/2023) (निर्धारण वर्ा/Assessment Years(“A.Ys.”): 2008-09 to 2014-15 ) & (S.A. Nos.63,67,64 to 66/Hyd/2023 ) (निर्धारण वर्ा/A.Ys: 2008-09, 2010-11, 2011-12, 2012-13 & 2014-15 ) The Andhra Pradesh State Co- Asst. Commissioner of Income Tax, Vs. Circle 4(1), Hyderabad. operative Bank Limited, Hyderabad. PAN: AAAAT2971J (Appellant) (Respondent) निर्धारर…

The Andhra Pradesh State Co Operative Bank Limited, Hyderabad vs. Asst. Commissioner of Income Tax, Circle-4(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 241/HYD/2018[2009-10]Status: DisposedITAT Hyderabad29 Jul 2024AY 2009-10

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad BEFORE SHRI LALIET KUMAR, JUDICIAL MEMBER AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA Nos.1796/Hyd/2017,241/Hyd/2018, 464/Hyd/2023 & 460 to 463/Hyd/2023) (निर्धारण वर्ा/Assessment Years(“A.Ys.”): 2008-09 to 2014-15 ) & (S.A. Nos.63,67,64 to 66/Hyd/2023 ) (निर्धारण वर्ा/A.Ys: 2008-09, 2010-11, 2011-12, 2012-13 & 2014-15 ) The Andhra Pradesh State Co- Asst. Commissioner of Income Tax, Vs. Circle 4(1), Hyderabad. operative Bank Limited, Hyderabad. PAN: AAAAT2971J (Appellant) (Respondent) निर्धारर…

The Andhra Pradesh State Cooperative Bank Limited, Hyderabad vs. Asst.Commissioner of Income Tax, Circle-5(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 1796/HYD/2017[2008-09]Status: DisposedITAT Hyderabad29 Jul 2024AY 2008-09

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad BEFORE SHRI LALIET KUMAR, JUDICIAL MEMBER AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA Nos.1796/Hyd/2017,241/Hyd/2018, 464/Hyd/2023 & 460 to 463/Hyd/2023) (निर्धारण वर्ा/Assessment Years(“A.Ys.”): 2008-09 to 2014-15 ) & (S.A. Nos.63,67,64 to 66/Hyd/2023 ) (निर्धारण वर्ा/A.Ys: 2008-09, 2010-11, 2011-12, 2012-13 & 2014-15 ) The Andhra Pradesh State Co- Asst. Commissioner of Income Tax, Vs. Circle 4(1), Hyderabad. operative Bank Limited, Hyderabad. PAN: AAAAT2971J (Appellant) (Respondent) निर्धारर…

Axis Bank Limited, Ahmedabad vs. The Dy.CIT, Circle-1 Now Circle-1(1)(1), Ahmedabad

In the result appeal of the Revenue is partly allowed for statistical purposes

ITA 311/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad28 Oct 2021AY 2010-11

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedsl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 311/Ahd/2016 2010-11 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 2. 2176/Ahd/2016 2011-12 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 3. 2173/Ahd/2016 2011-12 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 4. 165/Ahd/2017 2012-13 Axis Bank Limited, D.C.I.T., Ahmedabad. Circle-1(1)(1) Ahmedabad. Pan: Aaacu2414K 5. 287/Ahd/2017 2012-13 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 6-7 520 & 2013-14 Axis Bank Limited, D.C.I.T., 521/Ahd/2018 & Ahmedabad. Circle-1(1)(1) 2014-15 Ahmedabad. Pan: Aaacu2414K 8-9 604 & 605/ 2013-14 D.C.I.T., Axis Bank Limited, Ahd/2018 & Circle-1(1)(1) Ahmedabad. 2014-15 Ahmedabad. Pan: Aaacu2414K

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Smt. Urvashi Shodhan, and Shri Parin Shah,For Respondent: Shri Anshu Prakash, CIT.DR
Section 14A

…he Hon'ble Supreme Court in the cose of'Godhra Electricity Co. Ltd. 225 ITR 746. Various High Courts have given due recognition to RBI guidelines which determined the taxation of banks/NBFC. The Hon'ble Vttarunchat High Court in the case of Nainltal Bank Ltd, 309 ITR 335, Hon'ble Allahabad High Court In the case of Koihsh Auto Finance Ltd. 320 tTR 394 and also Hon'ble High Court of Delhi in the case of Elgi Finance Ltd. 293 ITR 357. 28. In our considered opinion, the amortization merely represents a timing difference and since the bank is consistently making profits and paying tax at the highest rate without clai…

Axis Bank Ltd., Ahmedabad vs. The Addl.CIT, Range-I, Ahmedabad

ITA 2196/AHD/2014[2009-10]Status: DisposedITAT Ahmedabad13 Oct 2017AY 2009-10
For Appellant: Shri Arvind Sonde with Shri Gautam Shah, A.RFor Respondent: Shri D. P. Gupta, CIT D.R. with Shri K. Madhusudan, Sr. D.R
Section 14Section 143(3)Section 14ASection 14A(2)

…he Hon’ble Supreme Court in the case of Godhra Electricity Co. Ltd. 225 ITR 746. Various High Courts have given due recognition to RBI guidelines which determined the taxation of banks/NBFC. The Hon’ble Uttaranchal High Court in the case of Nainital Bank Ltd. 309 ITR 335, Hon’ble Allahabad High Court in the case of Kailash Auto Finance Ltd. 320 ITR 394 and also Hon’ble High Court of Delhi in the case of Elgi Finance Ltd. 293 ITR 357. 28. In our considered opinion, the amortization merely represents a timing difference and since the bank is consistently making profits and paying tax at the highest rate without cla…

ACIT, New Delhi vs. M/S. Vaish Co-Operative Adarsh Bank Ltd, New Delhi

Appeal is dismissed

ITA 3428/DEL/2014[2010-11]Status: DisposedITAT Delhi09 Oct 2017AY 2010-11

Bench: Shri G.D. Agrawal, Hon’Ble & Shri K.N. Chary

Section 143(3)Section 36(1)(vii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘D’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, HON’BLE PRESIDENT & SHRI K.N. CHARY, JUDICIAL MEMBER ITA No.-3428/Del/2014 (Assessment Year: 2010-11) vs ACIT Vaish Co-operative Adarsh Bank Ltd. Circle 30(1) 3, Netaji Subhash, Darya Ganj, New Delhi. New Delhi. AABAT7703R Assessee by Sh. M.K. Bhatt, FCA Revenue by Sh. Arun Kumar Yadav, Sr. DR Date of Hearing 18.09.2017 Date of Pronouncement 09.10.2017 ORDER PER SHRI K.N. CHARY, JUDICIAL MEMBER Revenue filed this appeal challenging the order dated 28.03.2014 in appeal no. 14/2013-14 passed by the Ld. Commissioner…

ACIT, New Delhi vs. M/S. the Delhi State Co-Operative Bank Ltd., New Delhi

In the result, appeal of the revenue is dismissed

ITA 518/DEL/2014[2010-11]Status: DisposedITAT Delhi10 Feb 2016AY 2010-11

Bench: Sri C.M.Garg, Jm & Sri O.P. Kant, Am Ita No. 518/Del./2014 : Asstt. Year : 2010-11

For Appellant: Sh. S.C.GuptaFor Respondent: Sh. Sunil Chander Sharma, CIT, DR
Section 36Section 36(1)(viia)Section 80PSection 80P(2)(a)

…ITR 440 (Delhi), 2011 (3) DIT Vs Brahmaputra Capital Financial Services Ltd, 335 ITR 182 (Delhi), 2011 ITA NO. 2537/Del/2012 (4) TRO Vs Custodian, 293 ITR 369 (Del) (5) Barkha Investment & Trading Co P Ltd Vs CIT, 281 ITR 31 (Guj) (6) CIT Vs Nanital Bank Ltd, 309 ITR 335 (Uttarakhand) (7) CIT Vs Elgi Finance Ltd, 293 ITR 357 (Mad) (8) CIT V s Motor Credit Co P Ltd, 127 ITR 572 (Mad) [1981] (9) CIT Vs Coimbatore Lakshmi Inv. & Finance Co Ltd, 331 ITR 229 (Mad) [2011] 8.1 We find that as per RBI prudential norms where the principal amount is doubtful of recovery and borrower is not paying, income from interest on s…

DCIT, New Delhi vs. M/S. the Vaish Co-Operative Adarsh Bank Ltd., New Delhi

In the result, the appeal of the Revenue being devoid of merits is

ITA 3310/DEL/2012[2009-10]Status: DisposedITAT Delhi16 Oct 2015AY 2009-10

Bench: Shri Chandra Mohan Garg & Shri L.P. Sahu

For Appellant: Shri R.C. Danday, ACIT DRFor Respondent: Shri M.K. Bhatt, Advocate
Section 80P(2)(a)

…Chay Vyapar Ltd, 330 ITR 440 (Delhi), 2011 (3) DIT Vs Brahmaputra Capital Financial Services Ltd, 335 ITR 182 (Delhi), 2011 (4) TRO Vs Custodian, 293 ITR 369 (Del) (5) Barkha Investment & Trading Co P Ltd Vs CIT, 281 ITR 31 (Guj) (6) CIT vs Nainital Bank Ltd. 309 ITR 335 (Uttarakhand) (7) CIT vs Elgi Finance Ltd. 293 ITR 357 (Mad) (8) CIT Vs Motor Credit Co P Ltd, 127 ITR 572 (Mad) [1981] (9) CIT Vs Coimbatore Lakshmi Inv. & Finance Co Ltd, 331 ITR 229 (Mad) [2011] (10) UCO Bank Vs CIT, 237 ITR 889 (SC)[1999] AY: 2009-10 6. We further observe that the CIT(A) granted relief to the assessee with following observat…

Commissioner of of Income Tax vs. Vishisth Chay Vyapar Limited

Appeals are dismissed

ITA - 1191 / 2007HC Delhi29 Nov 2010

…the provisions of all other Acts. In addition, he referred to the judgment of Gujarat High Court in the case of Barkha Investment And · Trading Company (Private Ltd. Vs. CIT, 281 ITR 31, that of Uttrakhand High Court in the case of CIT Vs. Nainital Bank Ltd., 309 ITR 335 and Madras High Court in the case of CIT Vs. Elgi **Finance Ltd.** 293 ITR 357. - 8. Placing heavy reliance upon *Elgi Finance* (supra), his submission was that almost identical controversy was considered in the said decision. In that case the assessee company was engaged in the business of leasing, finance and hire purchase. On the ground that i…

CIT v. Nainital Bank Ltd. (309 ITR 335) — Cited in 13 Judgments | BharatTax