CIT v. Vasisth Chay Vyapar Ltd.

410 ITR 244Supreme Court of India2019#1813 most cited
63

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2019 to 2026.

Also referred to as

CIT v. Vasisth Chay Vyapar Ltd. · Vasisth Chay Vyapar Supreme Court · Section 43D · Real Income Theory · interest on bad and doubtful debts · Section 36(1)(viia) · provision for bad and doubtful debts · Section 14A · expenditure for exempt income · Section 35D · preliminary expenses · Income Tax Act 1961

Also reported as

253 Taxmann 401

Sections most often in play

Section 37(1)Section 43DSection 14ASection 35DSection 1961Section 234ASection 41Section 8D(2)

Issues it is cited on

section 43dsection 36(2)(v)section 41(4)section 36(1)(viia)(c)section 197a(1a)section 36(1)(v)preliminary expensessection 197asection 35dsection 36(1)(viia)real income theorysection 36(1)(viii)

Judgments citing CIT v. Vasisth Chay Vyapar 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

…sed as NPA, in terms of the directions of RBI was not taxable. The aforesaid decision of Hon’ble Delhi High Court in the case of Vasisth Chay Vyapar Ltd. (supra) has been affirmed by Hon’ble Supreme Court in the case of CIT vs. Vasisth Chay Vyapar Ltd. [2019] 410 ITR 244 (SC). 86. In view of the above decision of Hon’ble Delhi High Court in the case of Vasisth Chay Vyapar Ltd. (supra), which was affirmed by Hon’ble Supreme Court, the facts and circumstances are exactly identical in the present case before us and hence, respectfully following the same, we delete the addition of interest income from non-performing…

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

…sed as NPA, in terms of the directions of RBI was not taxable. The aforesaid decision of Hon’ble Delhi High Court in the case of Vasisth Chay Vyapar Ltd. (supra) has been affirmed by Hon’ble Supreme Court in the case of CIT vs. Vasisth Chay Vyapar Ltd. [2019] 410 ITR 244 (SC). 86. In view of the above decision of Hon’ble Delhi High Court in the case of Vasisth Chay Vyapar Ltd. (supra), which was affirmed by Hon’ble Supreme Court, the facts and circumstances are exactly identical in the present case before us and hence, respectfully following the same, we delete the addition of interest income from non-performing…

DCIT, Mumbai vs. Kotak Mahindra Bank Limited, Mumbai

The appeal of the assessee is allowed for statistical purposes and the appeal of the Revenue is dismissed

ITA 4829/MUM/2025[2022-23]Status: DisposedITAT Mumbai26 Nov 2025AY 2022-23

Bench: Shri Vikram Singh Yadav & Shri Sandeep Singh Karhail

For Appellant: Shri Madhur Agrawal a/wFor Respondent: Shri Ritesh Misra, CIT-DR
Section 35DSection 37(1)

…n the case of ICICI Bank (ITA No. 3215/Mum/2019), the interest on NPA shall be taxed based on RBI Guidelines as mentioned under section 43D of the Act. Reliance is placed on the decision of hon 'ble Supreme Court in the case of CIT us Vasistht Chay Vyapar Ltd 410 ITR 244 which confirmed the findings of hon ble Delhi High Court in this case that since as per prudential norms recovery was almost nil, it could not be treated to have accrued to the assessee. 30. In view of the foregoing, considering the fact that issue in hand is recurring in nature and is being consistently decided in favour of the assessee, respect…

Kotak Mahindra Bank Limited, Mumbai vs. DCIT 2(3)(1), Mumbai

The appeal of the assessee is allowed for statistical purposes and the appeal of the Revenue is dismissed

ITA 4501/MUM/2025[2022-23]Status: DisposedITAT Mumbai26 Nov 2025AY 2022-23

Bench: Shri Vikram Singh Yadav & Shri Sandeep Singh Karhail

For Appellant: Shri Madhur Agrawal a/wFor Respondent: Shri Ritesh Misra, CIT-DR
Section 35DSection 37(1)

…n the case of ICICI Bank (ITA No. 3215/Mum/2019), the interest on NPA shall be taxed based on RBI Guidelines as mentioned under section 43D of the Act. Reliance is placed on the decision of hon 'ble Supreme Court in the case of CIT us Vasistht Chay Vyapar Ltd 410 ITR 244 which confirmed the findings of hon ble Delhi High Court in this case that since as per prudential norms recovery was almost nil, it could not be treated to have accrued to the assessee. 30. In view of the foregoing, considering the fact that issue in hand is recurring in nature and is being consistently decided in favour of the assessee, respect…

M/S. the Coimbatore District Central Co-Op. Bank Ltd., Coimbatore vs. ITO, TDS Ward-2, Coimbatore

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

ITA 1004/CHNY/2025[2020-21]Status: DisposedITAT Chennai12 Aug 2025AY 2020-21

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.1004/Chny/2025 िनधा9रण वष9 /Assessment Year: 2020-21 M/S. Coimbatore District Central The Income Tax Officer, Co-Op. Bank Ltd., Vs. Tds Ward-2 (I/C), 80, State Bank Road, Coimbatore. Coimbatore – 641 018. [Pan: Aabat 3010F]

For Appellant: Shri T.Vasudevan, Advocate
Section 133ASection 194NSection 201Section 201(1)

…In addition, he states that if there had been compliance by the recipients of tax payments, there was no necessity to tax the payer, relying on the judgment of the Hon'ble Supreme Court CIT v. Vasisth Chay Vyapar Ltd. [2018] 90 taxmann.com 365/253 Taxman 401/410 ITR 244 (SC) to the effect that if interest does not result in any income at all, there could be no levy of tax. 93. This is a settled position seen from the judgment in Hindustan Coca Cola Beverage (P) Ltd. v. CIT [2007] 163 Taxman 355/293 ITR 226 (SC) to the effect that what is liable for deduction is only a portion of the tax on income. Taking note o…

DCIT-2(3)(1), Mumbai vs. Kotatk Mahindra Bank Ltd, Mumbai

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

ITA 5110/MUM/2024[2021-22]Status: DisposedITAT Mumbai11 Jun 2025AY 2021-22

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiyaआयकर अपील सुं./Ita No. 4950/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 4946/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Kotak Mahindra Bank Ltd. V/S. Assessment Unit, Income 27 Bkc, Plot No. C 27, G बिाम Tax Department Block, Bandra Kurla Government Of India, Complex, Bandra, Ministry Of Finance, Maharashtra-400051 Maharashtra-400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी आयकर अपील सुं./Ita No. 5075/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 5110/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Dcit-2(3)(1), Mumbai V/S. Kotak Mahindra Bank Ltd. 552, Aayakar Bhawan, बिाम 27 Bkc, Plot No. C 27, G M.K. Road, Churchgate, Block, Bandra Kurla Maharashtra-400020 Complex, Bandra, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी निर्ााररती की ओर से /Assessee By: Shri Madhur Agrawal राजस्व की ओर से /Revenue By: Shri Ritesh Misra

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Ritesh Misra
Section 41

…|आयकर अपीलीय न्यायाधिकरण न्यायपीठ, म ुंबई| IN THE INCOME-TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER आयकर अपील सुं./ITA No. 4950/MUM/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./ITA No. 4946/MUM/2024 (नििाारण वर्ा / Assessment Year :2021-22) Kotak Mahindra Bank Ltd. v/s. Assessment Unit, Income 27 BKC, Plot No. C 27, G बिाम Tax Department Block, Bandra Kurla Government of India, Complex, Bandra, Ministry of Finance, Maharashtra-400051 Maharashtra-400020 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACK4409J Appella…

DCIT-2(3)(1), Mumbai vs. Kotak Mahindra Bank Ltd, Mumbai

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

ITA 5075/MUM/2024[2020-21]Status: DisposedITAT Mumbai11 Jun 2025AY 2020-21

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiyaआयकर अपील सुं./Ita No. 4950/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 4946/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Kotak Mahindra Bank Ltd. V/S. Assessment Unit, Income 27 Bkc, Plot No. C 27, G बिाम Tax Department Block, Bandra Kurla Government Of India, Complex, Bandra, Ministry Of Finance, Maharashtra-400051 Maharashtra-400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी आयकर अपील सुं./Ita No. 5075/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 5110/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Dcit-2(3)(1), Mumbai V/S. Kotak Mahindra Bank Ltd. 552, Aayakar Bhawan, बिाम 27 Bkc, Plot No. C 27, G M.K. Road, Churchgate, Block, Bandra Kurla Maharashtra-400020 Complex, Bandra, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी निर्ााररती की ओर से /Assessee By: Shri Madhur Agrawal राजस्व की ओर से /Revenue By: Shri Ritesh Misra

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Ritesh Misra
Section 41

…|आयकर अपीलीय न्यायाधिकरण न्यायपीठ, म ुंबई| IN THE INCOME-TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER आयकर अपील सुं./ITA No. 4950/MUM/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./ITA No. 4946/MUM/2024 (नििाारण वर्ा / Assessment Year :2021-22) Kotak Mahindra Bank Ltd. v/s. Assessment Unit, Income 27 BKC, Plot No. C 27, G बिाम Tax Department Block, Bandra Kurla Government of India, Complex, Bandra, Ministry of Finance, Maharashtra-400051 Maharashtra-400020 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACK4409J Appella…

Kotak Mahindra Bank Limited, Mumbai vs. Assessment Unit, Income Tax Department, Mumbai

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

ITA 4950/MUM/2024[2020-21]Status: DisposedITAT Mumbai11 Jun 2025AY 2020-21

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiyaआयकर अपील सुं./Ita No. 4950/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 4946/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Kotak Mahindra Bank Ltd. V/S. Assessment Unit, Income 27 Bkc, Plot No. C 27, G बिाम Tax Department Block, Bandra Kurla Government Of India, Complex, Bandra, Ministry Of Finance, Maharashtra-400051 Maharashtra-400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी आयकर अपील सुं./Ita No. 5075/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 5110/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Dcit-2(3)(1), Mumbai V/S. Kotak Mahindra Bank Ltd. 552, Aayakar Bhawan, बिाम 27 Bkc, Plot No. C 27, G M.K. Road, Churchgate, Block, Bandra Kurla Maharashtra-400020 Complex, Bandra, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी निर्ााररती की ओर से /Assessee By: Shri Madhur Agrawal राजस्व की ओर से /Revenue By: Shri Ritesh Misra

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Ritesh Misra
Section 41

…|आयकर अपीलीय न्यायाधिकरण न्यायपीठ, म ुंबई| IN THE INCOME-TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER आयकर अपील सुं./ITA No. 4950/MUM/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./ITA No. 4946/MUM/2024 (नििाारण वर्ा / Assessment Year :2021-22) Kotak Mahindra Bank Ltd. v/s. Assessment Unit, Income 27 BKC, Plot No. C 27, G बिाम Tax Department Block, Bandra Kurla Government of India, Complex, Bandra, Ministry of Finance, Maharashtra-400051 Maharashtra-400020 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACK4409J Appella…

Kotak Mahindra Bank Limited, Mumbai vs. Assessment Unit, Income Tax Department, Mumbai

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

ITA 4946/MUM/2024[2021-22]Status: DisposedITAT Mumbai11 Jun 2025AY 2021-22

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiyaआयकर अपील सुं./Ita No. 4950/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 4946/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Kotak Mahindra Bank Ltd. V/S. Assessment Unit, Income 27 Bkc, Plot No. C 27, G बिाम Tax Department Block, Bandra Kurla Government Of India, Complex, Bandra, Ministry Of Finance, Maharashtra-400051 Maharashtra-400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी आयकर अपील सुं./Ita No. 5075/Mum/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./Ita No. 5110/Mum/2024 (नििाारण वर्ा / Assessment Year :2021-22) Dcit-2(3)(1), Mumbai V/S. Kotak Mahindra Bank Ltd. 552, Aayakar Bhawan, बिाम 27 Bkc, Plot No. C 27, G M.K. Road, Churchgate, Block, Bandra Kurla Maharashtra-400020 Complex, Bandra, Maharashtra-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaack4409J Appellant/अपीलार्थी .. Respondent/प्रनिवादी निर्ााररती की ओर से /Assessee By: Shri Madhur Agrawal राजस्व की ओर से /Revenue By: Shri Ritesh Misra

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Ritesh Misra
Section 41

…|आयकर अपीलीय न्यायाधिकरण न्यायपीठ, म ुंबई| IN THE INCOME-TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER आयकर अपील सुं./ITA No. 4950/MUM/2024 (नििाारण वर्ा / Assessment Year :2020-21) आयकर अपील सुं./ITA No. 4946/MUM/2024 (नििाारण वर्ा / Assessment Year :2021-22) Kotak Mahindra Bank Ltd. v/s. Assessment Unit, Income 27 BKC, Plot No. C 27, G बिाम Tax Department Block, Bandra Kurla Government of India, Complex, Bandra, Ministry of Finance, Maharashtra-400051 Maharashtra-400020 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACK4409J Appella…

Housing & Urban Development Corporation Ltd, New Delhi vs. Addl. CIT, Range-4, New Delhi

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

ITA 7865/DEL/2018[2007-08]Status: DisposedITAT Delhi25 Apr 2025AY 2007-08

Bench: Shri Challa Nagendra Prasad & Shri Naveen Chandra

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Dayainder Singh Sidhu, CIT-DR
Section 14ASection 36(1)(viia)

…e Ltd, [2019] 262 Taxman 279 (SC) [@para 27]. Page 10 of 23 ITA Nos. 7626 to 7629 and 865/DEL/2018 [Housing Urban Dev. Corpn] [A.Ys 2005-06 to 2009-10] 3. Order of the Hon'ble Supreme Court in Commissioner of Income- tax v. Vasisth Chay Vyapar Ltd, [2019] 410 ITR 244 (SC) ("Vashisht Chai Vvapar (SC)") Now, before we proceed further let us have a look at the order of the Hon'ble Supreme Court dated 13-12-2017. Now, let us look at the judgement of Hon'ble Delhi High Court in Housing & Urban Development Corporation Ltd. vs. Additional Commissioner of Income- tax, Range-12, [2017] 396 ITR 667 (Delhi) ("HUDCO") @…

Housing & Urban Development Corporation Ltd (Hudco), New Delhi vs. Addl. CIT, Range-4, New Delhi

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

ITA 7629/DEL/2018[2009-10]Status: DisposedITAT Delhi25 Apr 2025AY 2009-10

Bench: Shri Challa Nagendra Prasad & Shri Naveen Chandra

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Dayainder Singh Sidhu, CIT-DR
Section 14ASection 36(1)(viia)

…e Ltd, [2019] 262 Taxman 279 (SC) [@para 27]. Page 10 of 23 ITA Nos. 7626 to 7629 and 865/DEL/2018 [Housing Urban Dev. Corpn] [A.Ys 2005-06 to 2009-10] 3. Order of the Hon'ble Supreme Court in Commissioner of Income- tax v. Vasisth Chay Vyapar Ltd, [2019] 410 ITR 244 (SC) ("Vashisht Chai Vvapar (SC)") Now, before we proceed further let us have a look at the order of the Hon'ble Supreme Court dated 13-12-2017. Now, let us look at the judgement of Hon'ble Delhi High Court in Housing & Urban Development Corporation Ltd. vs. Additional Commissioner of Income- tax, Range-12, [2017] 396 ITR 667 (Delhi) ("HUDCO") @…

Housing & Urban Development Corporation Ltd (Hudco), New Delhi vs. Addl. CIT, Special Range-4, New Delhi

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

ITA 7628/DEL/2018[2008-09]Status: DisposedITAT Delhi25 Apr 2025AY 2008-09

Bench: Shri Challa Nagendra Prasad & Shri Naveen Chandra

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Dayainder Singh Sidhu, CIT-DR
Section 14ASection 36(1)(viia)

…e Ltd, [2019] 262 Taxman 279 (SC) [@para 27]. Page 10 of 23 ITA Nos. 7626 to 7629 and 865/DEL/2018 [Housing Urban Dev. Corpn] [A.Ys 2005-06 to 2009-10] 3. Order of the Hon'ble Supreme Court in Commissioner of Income- tax v. Vasisth Chay Vyapar Ltd, [2019] 410 ITR 244 (SC) ("Vashisht Chai Vvapar (SC)") Now, before we proceed further let us have a look at the order of the Hon'ble Supreme Court dated 13-12-2017. Now, let us look at the judgement of Hon'ble Delhi High Court in Housing & Urban Development Corporation Ltd. vs. Additional Commissioner of Income- tax, Range-12, [2017] 396 ITR 667 (Delhi) ("HUDCO") @…

Housing & Urban Development Corporation Ltd (Hudco), New Delhi vs. Addl. CIT, Range-4, New Delhi

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

ITA 7626/DEL/2018[2005-06]Status: DisposedITAT Delhi25 Apr 2025AY 2005-06

Bench: Shri Challa Nagendra Prasad & Shri Naveen Chandra

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Dayainder Singh Sidhu, CIT-DR
Section 14ASection 36(1)(viia)

…e Ltd, [2019] 262 Taxman 279 (SC) [@para 27]. Page 10 of 23 ITA Nos. 7626 to 7629 and 865/DEL/2018 [Housing Urban Dev. Corpn] [A.Ys 2005-06 to 2009-10] 3. Order of the Hon'ble Supreme Court in Commissioner of Income- tax v. Vasisth Chay Vyapar Ltd, [2019] 410 ITR 244 (SC) ("Vashisht Chai Vvapar (SC)") Now, before we proceed further let us have a look at the order of the Hon'ble Supreme Court dated 13-12-2017. Now, let us look at the judgement of Hon'ble Delhi High Court in Housing & Urban Development Corporation Ltd. vs. Additional Commissioner of Income- tax, Range-12, [2017] 396 ITR 667 (Delhi) ("HUDCO") @…

Ms Rajmal Lakhichand, Jalgaon vs. DCIT, Jalgaon

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

ITA 1205/PUN/2023[2016-2017]Status: DisposedITAT Pune11 Apr 2025AY 2016-2017

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2016-17 M/S Rajmal Lakhichand Vs. Dcit, Jalgaon 169, Balaji Peth, Jalgaon – 425001 Pan: Aacfr8609L (Appellant) (Respondent) Assessee By : Shri Nikhil Pathak Department By : Shri Arvind Desai, Addl Cit-Dr Date Of Hearing : 29-01-2025 Date Of Pronouncement : 11-04-2025 O R D E R

For Appellant: Shri Nikhil PathakFor Respondent: Shri Arvind Desai, Addl CIT-DR
Section 143(2)

…an but offering the notional interest to tax, therefore, as a prudent businessman the assessee did not charge any interest for the impugned assessment year. He submitted that the Hon'ble Supreme Court in the case of CIT vs. Vasish Chay Vyapar Ltd. reported in 410 ITR 244 (SC) upheld the decision of the Hon’ble Delhi High Court in the case of CIT vs. Vasisth Chay Vyapar Ltd. reported in 330 ITR 440 (Del) by holding that when the recovery of principal is doubtful, interest does not accrue and accordingly, the order of the Tribunal was upheld. 16. He submitted that the Joint Venture agreement dated 23.09.2015 enter…

DCIT-2(3)(1), Mumbai vs. Kotak Mahindra Bank Ltd, Mumbai

In the result, **appeal of the Revenue is dismissed

ITA 4103/MUM/2023[2019-20]Status: DisposedITAT Mumbai07 Jan 2025AY 2019-20

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar**

Section 143(3)Section 144BSection 41(1)

…case of **ICICI Bank (ITA No. 3215/Mum/2019),** the interest on NPA shall be taxed based on RBI Guidelines as mentioned under section 43D of the Act. Reliance is placed on the decision of hon'ble Supreme Court in the case of **CIT vs Vasistht Chay Vyapar Ltd 410 ITR 244** which confirmed the findings of hon'ble Delhi High Court in this case that since as per prudential norms issued by RBI,ICD had become NPA on ![](_page_24_Picture_4.jpeg) which no interest was received and possibility of recovery was almost nil, it could not be treated to have accrued to the assessee. 30. In view of the foregoing, considering…

Kotak Mahindra Bank Limited, Mumbai vs. DCIT-3(2)(2), Assessment Unit, Income Tax Dept, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 3754/MUM/2023[2019-20]Status: DisposedITAT Mumbai07 Jan 2025AY 2019-20

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri Madhur Agrawal a/w Shri Bhargav ParekhFor Respondent: Shri Biswanath Das (CIT DR)
Section 143(3)Section 144BSection 41(1)

…in the case of ICICI Bank (ITA No. 3215/Mum/2019), the interest on NPA shall be taxed based on RBI Guidelines as mentioned under section 43D of the Act. Reliance is placed on the decision of hon'ble Supreme Court in the case of CIT vs Vasistht Chay Vyapar Ltd 410 ITR 244 which confirmed the findings of hon'ble Delhi High Court in this case that since as per prudential norms issued by RBI,ICD had become NPA on which no interest was received and possibility of recovery was almost nil, it could not be treated to have accrued to the assessee. 30. In view of the foregoing, considering the fact that issue in hand is re…

DCIT, New Delhi vs. M/S Hudco Ltd., New Delhi

In the result, the appeal of the revenue in ITA No

ITA 3904/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…in favour of the assessee stating that the interest income is to be taxed only on receipt basis in respect of NPA. We find that this decision of Hon’ble Jurisdictional High Court in 330 ITR 440 (Del) has been approved by the Hon'ble Supreme Court reported in 410 ITR 244 (SC). Hence, we are in a situation where the issue in dispute has been actually settled in favour of the assessee by the decision of the Hon'ble Supreme ITA No. 3262/Del/2015 (AY: 2011-12) ITA Nos. 3904 &3905/Del/2015 HUDCO Court in 410 ITR 244 (SC), but in assessee’s own case, the same issue has been decided against the assessee by the Hon’ble…

M/S. Housing & Urban Development Corporation Ltd. (Hudco), New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the revenue in ITA No

ITA 3261/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…in favour of the assessee stating that the interest income is to be taxed only on receipt basis in respect of NPA. We find that this decision of Hon’ble Jurisdictional High Court in 330 ITR 440 (Del) has been approved by the Hon'ble Supreme Court reported in 410 ITR 244 (SC). Hence, we are in a situation where the issue in dispute has been actually settled in favour of the assessee by the decision of the Hon'ble Supreme ITA No. 3262/Del/2015 (AY: 2011-12) ITA Nos. 3904 &3905/Del/2015 HUDCO Court in 410 ITR 244 (SC), but in assessee’s own case, the same issue has been decided against the assessee by the Hon’ble…

Pragati Power Corporation Ltd, New Delhi vs. ACIT, Circle 20(1), New Delhi

In the result, the appeal filed by the assessee is partly allowed as indicated above

ITA 1617/DEL/2023[2018-19]Status: DisposedITAT Delhi14 Aug 2024AY 2018-19

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

Section 115JSection 145(2)Section 32Section 36Section 36(1)(iii)Section 37Section 43ASection 46ASection 80I

…IT Kota vs M/s Chambal Fertilizers & Chemicals Ltd. Gadepan Kota ITA No.866 of 2008 decided on (Raj) CIT vs Annamalai Finance Ltd. (2009) 319 ITR 196 (Mad) CIT Chennal vs Shriram Investments Ltd. (2015) 378 ITR 533 (Mad) CIT vs Vasisth Chay Vyapar Ltd. (2019) 410 ITR 244 (SC) iv) Delhi bench of ITAT in the case of Brahmaputra Capital & Financial Services Ltd. vs ITO (2009) 119 ITD 266 have held that there was uncertainty regarding ultimate collection of interest hence assessee was justified in not showing the notional interest income which did not actually materialized during the year under consideration. v) Delh…

Commissioner of Income Ta, Kolkata - II vs. M/S. West Bengal Infrastructure Development Finance Corpn. L

The appeals of the revenue are dismissed

ITA/331/2008HC Calcutta01 May 2024

Bench: : The Hon’Ble Justice Surya Prakash Kesarwani & The Hon’Ble Justice Rajarshi Bharadwaj Date : 1St May 2024. Appearance: Ms. Smita Das De, Advocate … For The Appellant. Mr. J. P. Khaitan, Senior Advocate Mr. Ananda Sen, Advocate … For The Respondent. 1. Heard Smt. Smita Das De, Learned Senior Standing Counsel For The Appellant & Sri J. P. Khaitan, Learned Senior Advocate Assisted By Sri Ananda Sen, Learned Counsel For The Respondent Assessee. 2.

Section 43BSection 43D

…ORDER OD – 3 & 4 IN THE HIGH COURT AT CALCUTTA SPECIAL JURISDICTION (INCOME TAX) ORIGINAL SIDE ITA/1/2018 PRINCIPAL COMMISSIONER OF INCOME TAX – 2, KOLKATA VERSUS WEST BENGAL INFRASTRUCTURE DEVELOPMENT FINANCE CORPORATION LIMITED ITA/331/2008 COMMISSIONER OF INCOME TAX, KOLKATA – II VERSUS WEST BENGAL INFRASTRUCTURE DEVELOPMENT FINANCE CORPORATION LIMITED BEFORE : THE HON’BLE JUSTICE SURYA PRAKASH KESARWANI AND THE HON’BLE JUSTICE RAJARSHI BHARADWAJ Date : 1st May 2024. Appearance: Ms. Smita Das De, Advocate … for the appellant. Mr. J. P. Khaitan, Senior Advocate Mr. Ananda Sen, Advocate … for the re…