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.

Principal Commissioner of Income Tax, Kolkata-2, Kolkata vs. West Bengal Infrastructure Development Finance Corp. Ltd

The appeals of the revenue are dismissed

ITA/1/2018HC 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…

M/S. City Union Bank, Kumbakonam vs. DCIT, Circle - 2 (1), Trichy

In the result, appeal filed by the revenue for assessment year 2017-18 is partly allowed for statistical purposes

ITA 672/CHNY/2020[2017-18]Status: DisposedITAT Chennai11 Mar 2024AY 2017-18

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/S. City Union Bank Ltd., Asst. Commissioner Of Income- Administrative Office V. Tax, “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. City Union Bank Ltd., Deputy Commissioner Of Administrative Office V. Income-Tax, “Narayana” Circle -2(1), 24-B, Gandhi Nagar, Trichy. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 636/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -2(1), 24-B, Gandhi Nagar

For Respondent: Shri. Nilay Baran Som, CIT

…ns and perused the material on record. This issue was dealt by the Co-ordinate Bench of the Tribunal in the case of Karur Vysya Bank (supra) wherein after referring to the decision of Hon’ble Supreme Court in the case of CIT vs. Vasisth Chay Vyapar Ltd (2019) 410 ITR 244, it was held as follows:- ‘’The next ground of appeal challenges the addition on account of interest 29 accrued in non performing assets accounts of Rs. 14,00,000. The Assessing Officer had brought to tax the interest on the non performing assets accounts by holding that interest had accrued in terms of the agreement entered by the appellant with…

DCIT Circle-2(1), Trichy vs. City Union Bank Limited, Kumbakonam

In the result, appeal filed by the revenue for assessment year 2017-18 is partly allowed for statistical purposes

ITA 636/CHNY/2020[2017-18]Status: DisposedITAT Chennai11 Mar 2024AY 2017-18

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/S. City Union Bank Ltd., Asst. Commissioner Of Income- Administrative Office V. Tax, “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. City Union Bank Ltd., Deputy Commissioner Of Administrative Office V. Income-Tax, “Narayana” Circle -2(1), 24-B, Gandhi Nagar, Trichy. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 636/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -2(1), 24-B, Gandhi Nagar

For Respondent: Shri. Nilay Baran Som, CIT

…ns and perused the material on record. This issue was dealt by the Co-ordinate Bench of the Tribunal in the case of Karur Vysya Bank (supra) wherein after referring to the decision of Hon’ble Supreme Court in the case of CIT vs. Vasisth Chay Vyapar Ltd (2019) 410 ITR 244, it was held as follows:- ‘’The next ground of appeal challenges the addition on account of interest 29 accrued in non performing assets accounts of Rs. 14,00,000. The Assessing Officer had brought to tax the interest on the non performing assets accounts by holding that interest had accrued in terms of the agreement entered by the appellant with…

ACIT Circle 1, Kumbakonam vs. City Union Bank Ltd., Kumbakonam

In the result, appeal filed by the revenue for assessment year 2017-18 is partly allowed for statistical purposes

ITA 1419/CHNY/2019[2016-17]Status: DisposedITAT Chennai11 Mar 2024AY 2016-17

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/S. City Union Bank Ltd., Asst. Commissioner Of Income- Administrative Office V. Tax, “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. City Union Bank Ltd., Deputy Commissioner Of Administrative Office V. Income-Tax, “Narayana” Circle -2(1), 24-B, Gandhi Nagar, Trichy. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 636/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -2(1), 24-B, Gandhi Nagar

For Respondent: Shri. Nilay Baran Som, CIT

…ns and perused the material on record. This issue was dealt by the Co-ordinate Bench of the Tribunal in the case of Karur Vysya Bank (supra) wherein after referring to the decision of Hon’ble Supreme Court in the case of CIT vs. Vasisth Chay Vyapar Ltd (2019) 410 ITR 244, it was held as follows:- ‘’The next ground of appeal challenges the addition on account of interest 29 accrued in non performing assets accounts of Rs. 14,00,000. The Assessing Officer had brought to tax the interest on the non performing assets accounts by holding that interest had accrued in terms of the agreement entered by the appellant with…

ACIT Circle 1, Kumbakonam vs. City Union Bank Ltd., Kumbakonam

In the result, appeal filed by the revenue for assessment year 2017-18 is partly allowed for statistical purposes

ITA 1418/CHNY/2019[2015-16]Status: DisposedITAT Chennai11 Mar 2024AY 2015-16

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/S. City Union Bank Ltd., Asst. Commissioner Of Income- Administrative Office V. Tax, “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. City Union Bank Ltd., Deputy Commissioner Of Administrative Office V. Income-Tax, “Narayana” Circle -2(1), 24-B, Gandhi Nagar, Trichy. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 636/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -2(1), 24-B, Gandhi Nagar

For Respondent: Shri. Nilay Baran Som, CIT

…ns and perused the material on record. This issue was dealt by the Co-ordinate Bench of the Tribunal in the case of Karur Vysya Bank (supra) wherein after referring to the decision of Hon’ble Supreme Court in the case of CIT vs. Vasisth Chay Vyapar Ltd (2019) 410 ITR 244, it was held as follows:- ‘’The next ground of appeal challenges the addition on account of interest 29 accrued in non performing assets accounts of Rs. 14,00,000. The Assessing Officer had brought to tax the interest on the non performing assets accounts by holding that interest had accrued in terms of the agreement entered by the appellant with…

City Union Bank Limited, Kumbakonam vs. ACIT Circle 1, Kumbakonam

In the result, appeal filed by the revenue for assessment year 2017-18 is partly allowed for statistical purposes

ITA 1121/CHNY/2019[2016-17]Status: DisposedITAT Chennai11 Mar 2024AY 2016-17

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/S. City Union Bank Ltd., Asst. Commissioner Of Income- Administrative Office V. Tax, “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. City Union Bank Ltd., Deputy Commissioner Of Administrative Office V. Income-Tax, “Narayana” Circle -2(1), 24-B, Gandhi Nagar, Trichy. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 636/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -2(1), 24-B, Gandhi Nagar

For Respondent: Shri. Nilay Baran Som, CIT

…ns and perused the material on record. This issue was dealt by the Co-ordinate Bench of the Tribunal in the case of Karur Vysya Bank (supra) wherein after referring to the decision of Hon’ble Supreme Court in the case of CIT vs. Vasisth Chay Vyapar Ltd (2019) 410 ITR 244, it was held as follows:- ‘’The next ground of appeal challenges the addition on account of interest 29 accrued in non performing assets accounts of Rs. 14,00,000. The Assessing Officer had brought to tax the interest on the non performing assets accounts by holding that interest had accrued in terms of the agreement entered by the appellant with…

City Union Bank Limited, Kumbakonam vs. ACIT Circle 1, Kumbakonam

In the result, appeal filed by the revenue for assessment year 2017-18 is partly allowed for statistical purposes

ITA 1120/CHNY/2019[2015-16]Status: DisposedITAT Chennai11 Mar 2024AY 2015-16

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/S. City Union Bank Ltd., Asst. Commissioner Of Income- Administrative Office V. Tax, “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. City Union Bank Ltd., Deputy Commissioner Of Administrative Office V. Income-Tax, “Narayana” Circle -2(1), 24-B, Gandhi Nagar, Trichy. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 636/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -2(1), 24-B, Gandhi Nagar

For Respondent: Shri. Nilay Baran Som, CIT

…ns and perused the material on record. This issue was dealt by the Co-ordinate Bench of the Tribunal in the case of Karur Vysya Bank (supra) wherein after referring to the decision of Hon’ble Supreme Court in the case of CIT vs. Vasisth Chay Vyapar Ltd (2019) 410 ITR 244, it was held as follows:- ‘’The next ground of appeal challenges the addition on account of interest 29 accrued in non performing assets accounts of Rs. 14,00,000. The Assessing Officer had brought to tax the interest on the non performing assets accounts by holding that interest had accrued in terms of the agreement entered by the appellant with…

M/S. Toyota Financial Services India Limited, Bangalore vs. Assistant Commissioner of Income-Tax, Circle-7(1)(1), Bangalore

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

ITA 801/BANG/2023[2017-18]Status: DisposedITAT Bangalore09 Jan 2024AY 2017-18

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2017-18

For Appellant: Shri G. Vaidehi, CA &For Respondent: Shri G. Manoj Kumar
Section 234CSection 43D

…urnished break-up of this amount, but on verification it was noted that the assessee had not claimed this deduction of Rs.4,60,41,857 in its return. The assessee relied on judgment of Supreme Court in the case of CIT v. Vashisht Chay Page 3 of 4 Vyapar Ltd., 410 ITR 244 (SC). Since fresh claim was made by the assessee, the same was not accepted by the AO by relying on the judgement of Hon’ble Apex Court in the case of Goetze (India) Ltd. vs. CIT , 284 ITR 323 (SC). 3. The assessee filed appeal before the CIT(Appeals) and filed detailed written submissions. The CIT(A) accepted the claim to the extent of Rs.2,55,…

Idbi Bank Ltd., Mumbai vs. ACIT-Ltu(2), Mumbai

In the result, appeal of the revenue is dismissed

ITA 4596/MUM/2019[2016-17]Status: DisposedITAT Mumbai28 Sept 2023AY 2016-17

Bench: Shri Kuldip Singh & Shri Gagan Goyalidbi Bank Ltd. 22Nd Floor, Idbi Tower, Wtc Complex, Cuffe Parade, Mumbai- 400 005. Pan: Aabci8842G ..... Appellant Vs. Acit Ltu (2) World Trade Centre, Cuffe Parade, Mumbai ..... Respondent

For Appellant: NoneFor Respondent: None
Section 115JSection 143(1)Section 143(3)Section 14ASection 250Section 36(1)Section 36(2)Section 40

…17) 3) ITAT Chennai in case of The Karur Vysya Bank Ltd (ITA Nos.2433 & 2649/Mds/2016) IDBI Bank Ltd. d. ITAT Pune in case of Bank of Maharashtra (ITA No.634/PUN/2017 and others.) (e) Decision of Supreme Court in the case of CIT v Vashist CHAY Vyapar Limited 410 ITR 244 and the Bombay High Court in the case of Deogiri Nagari Sahakari Bank Limited 379 ITR 24. 12. The operative portion of order of Coordinate Bench of ITAT in the case of State Bank of India in ITA No. 3644 & 4653/Mum/2016 is reproduced here under:- “76. Brief facts are that the assessee, based on criteria as per the RBI guidelines (i.e. 90- day ove…

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)

…ised 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 thecase 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. 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)

…ised 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 thecase 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…

Bajaj Finance Limited, Pune vs. The Principal Commissioner of Income Tax-3, Pune

Appeal is allowed in above terms

ITA 544/PUN/2023[2018-19]Status: HeardITAT Pune23 May 2023AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Rao

For Appellant: Mr. Nikhil MuthaFor Respondent: Shri J.P. Chandraker
Section 143(3)Section 263Section 36(1)(vii)Section 43D

…1 ITA.No.544/PUN./2023 Bajaj Finance Limited, Pune. IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA.No.544/PUN./2023 Assessment Year 2018-2019 Bajaj Finance Limited, The PCIT-3, 3rd Floor, Panchshil Tech 3rd Floor, Income Tax Park, Viman Nagar, vs., Office, PMT Bldg., Pune – 411 014 Shankar Seth Road, Maharashtra. Swargate, Pune PAN AABCB1518L (Appellant) (Respondent) For Assessee : Mr. Nikhil Mutha For Revenue : Shri J.P. Chandraker Date of Hearing : 23.05.2023 Date of Pronouncement : 23.05.2023 ORDER PER…

Bajaj Finance Limited, Pune vs. The Principal Commissioner of Income Tax-3, Pune

Appeal is allowed in above terms

ITA 413/PUN/2022[2017-18]Status: DisposedITAT Pune15 May 2023AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

For Appellant: Mr. Percy Pardiwalla &For Respondent: Shri B. Koteswara Rao
Section 143(3)Section 263Section 36Section 36(1)(vii)Section 36(1)(viii)Section 43D

…1 ITA.No.413/PUN./2022 Bajaj Finance Limited, Pune. IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI GD PADMAHSHALI, ACCOUNTANT MEMBER ITA.No.413/PUN./2022 Assessment Year 2017-2018 Bajaj Finance Limited, The PCIT-3, 3rd Floor, Panchshil Tech 3rd Floor, Income Tax Park, Viman Nagar, vs., Office, PMT Bldg., Pune – 411 014 Shankar Seth Road, Maharashtra. Swargate, Pune PAN AABCB1518L (Appellant) (Respondent) For Assessee : Mr. Percy Pardiwalla & Ms. Vasanti B. Patel For Revenue : Shri B. Koteswara Rao Date of Hearing : 28.04.2023 Date of Pronounce…

DCIT-3(4), Mumbai vs. M/S Idbi Bank Ltd, Mumbai

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

ITA 2937/MUM/2022[2017-2018]Status: DisposedITAT Mumbai11 May 2023AY 2017-2018

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit- 3(4) V. M/S. Idbi Bank Ltd 29Th Floor, Center-1 Central Processing Unit (Tds) World Trade Center, Cuffe Parade Plot No. 82/83, Elemach Bldg Mumbai- 400005 Road No. 7, Street No. 15 Midc, Andheri (E) Mumbai- 400093 Pan: Aabci8842G (Appellant) (Respondent) M/S. Idbi Bank Ltd V. Acit/Dcit-Ltu 22Nd Floor, Idbi Tower 29Th Floor, Centre No. 1 Wtc Complex, Cuffe Parade World Trade Centre, Cuffe Parade Mumbai- 400005 Mumbai- 400005 Pan: Aabci8842G (Appellant) (Respondent)

Section 115JSection 14ASection 18

…in case of The Karur Vysya Bank Ltd (ITA Nos.2433 & 2649/Mds/2016) (vi) ITAT Pune in case of Bank of Maharashtra (ITA No.634/PUN/2017 and others.) (vii) Reliance is also placed on the decision of Supreme Court in the case of CIT v Vashist CHAY Vyapar Limited 410 ITR 244 (viii) Deogiri Nagari Sahakari Bank Limited 379 ITR 24. 32. Further, with regard to Ground No. 3.1 which is in respect of amount of unrealized interest taxed in earlier years not allowed, Ld. AR submitted that in A.Y. 2016-17 Assessing Officer taxed the unrealized interest on NPA, since according to him it did not satisfy the criteria laid down i…

Global Consultants & Designers Pvt. Ltd., New Delhi vs. ITO Ward 11(4), New Delhi

The appeal is allowed

ITA 1424/DEL/2019[2015-16]Status: DisposedITAT Delhi25 Jan 2023AY 2015-16

Bench: Sh. Shamim Yahya & Sh. Anubhav Sharmaita No.1424/Del/2019, A.Y. 2015-16

Section 133(6)Section 143(2)Section 143(3)

…dismissed vide SLP (Civil) No. 8158 of 1981 [144 ITR (St.) 50]. Re: Interest on ICDs which had had become NPA could not be said to have been accrued to the assessee 5. CIT v. Vasisth Chay Vyapar Ltd. 330 ITR 440 (Del) Affirmed by the Hon’ble Supreme Court in 410 ITR 244 (SC) 6. CIT v. Brahmaputra Capital & Financial Services Ltd.: ITA 107/2012 (Del. HC) Re:Commercial or business expediency of incurring any expenditure is to be seen from the assessee’s point of view and the Revenue cannot justifiably put itself in the arm-chair of the businessman 9. SA Builders v. CIT : 288 ITR 1 (SC) 10. Hero Cycles Limited v.…

Deputy Commissioner of Income-Tax, Circle - 8, Pune vs. M/S. Bajaj Finance Ltd, Pune

ITA 1722/PUN/2018[2014-15]Status: DisposedITAT Pune23 Dec 2022AY 2014-15

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Respondent: Assessee by Ms. Vasanti B. Patel
Section 143(3)Section 14ASection 37Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL BENCH “A”, PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER ITA No.1394 &1722/PUN/2018 Assessment Year - 2014-15 Bajaj Finance Limited, The DCIT, Circle-8, 3rd Floor, Panchshil Tech Pratyaksha Kar Park, Plot No.43/1, 43/2, vs. Bhavan, Dr. 44/2, Viman Nagar, Ambedkar Road, Pune 411 014 Near Akurdi Railway PAN : AABCB1518L Station, Akurdi, Pune – 411 044. Appellant Respondent : Assessee by Ms. Vasanti B. Patel : Revenue by Shri Keyur Patel, CIT-DR : Date of hearing 09.12.2022 : Date of 23.12.2022 pronouncement ORDER PER SATBEER S…

Bajaj Finance Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 8, Pune

ITA 1394/PUN/2018[2014-15]Status: DisposedITAT Pune23 Dec 2022AY 2014-15

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Respondent: Assessee by Ms. Vasanti B. Patel
Section 143(3)Section 14ASection 37Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL BENCH “A”, PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER ITA No.1394 &1722/PUN/2018 Assessment Year - 2014-15 Bajaj Finance Limited, The DCIT, Circle-8, 3rd Floor, Panchshil Tech Pratyaksha Kar Park, Plot No.43/1, 43/2, vs. Bhavan, Dr. 44/2, Viman Nagar, Ambedkar Road, Pune 411 014 Near Akurdi Railway PAN : AABCB1518L Station, Akurdi, Pune – 411 044. Appellant Respondent : Assessee by Ms. Vasanti B. Patel : Revenue by Shri Keyur Patel, CIT-DR : Date of hearing 09.12.2022 : Date of 23.12.2022 pronouncement ORDER PER SATBEER S…

DCIT, Circle-8 vs. M/S. Bajaj Finance Ltd. Pune, Akurdi Pune

ITA 819/PUN/2018[2013-14]Status: DisposedITAT Pune09 Dec 2022AY 2013-14

Bench: Shri S.S. Godara & Dr. Dipak P. Ripote

For Appellant: Shri Percy Pardiwala and Ms. Vasanti B. Patel
Section 14ASection 37Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER ITA Nos.766 and 767/PUN/2018 Assessment Years : 2012-13 and 2013-14 Bajaj Finance Limited, Vs. DCIT, Circle-8, 3rd Floor, Panchshil Tech Park, Pune Plot No.43/1, 43/2, 44/2, Viman Nagar, Pune 411 014 PAN : AABCB1518L Appellant Respondent ITA Nos.818 and 819/PUN/2018 Assessment Years : 2012-13 and 2013-14 DCIT, Circle-8, Vs. Bajaj Finance Limited, 3rd Floor, Panchshil Tech Park, Pune Plot No.43/1, 43/2, 44/2, Viman Nagar, Pune 411 014 PAN : AABCB1518L Appellant Respon…

Deputy Commissioner of Income-Tax, Circle - 8, Pune vs. M/S. Bajaj Finanace Ltd, Pune

ITA 818/PUN/2018[2012-13]Status: DisposedITAT Pune09 Dec 2022AY 2012-13

Bench: Shri S.S. Godara & Dr. Dipak P. Ripote

For Appellant: Shri Percy Pardiwala and Ms. Vasanti B. Patel
Section 14ASection 37Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER ITA Nos.766 and 767/PUN/2018 Assessment Years : 2012-13 and 2013-14 Bajaj Finance Limited, Vs. DCIT, Circle-8, 3rd Floor, Panchshil Tech Park, Pune Plot No.43/1, 43/2, 44/2, Viman Nagar, Pune 411 014 PAN : AABCB1518L Appellant Respondent ITA Nos.818 and 819/PUN/2018 Assessment Years : 2012-13 and 2013-14 DCIT, Circle-8, Vs. Bajaj Finance Limited, 3rd Floor, Panchshil Tech Park, Pune Plot No.43/1, 43/2, 44/2, Viman Nagar, Pune 411 014 PAN : AABCB1518L Appellant Respon…

Bajaj Finance Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 8, Pune

ITA 767/PUN/2018[2013-14]Status: DisposedITAT Pune09 Dec 2022AY 2013-14

Bench: Shri S.S. Godara & Dr. Dipak P. Ripote

For Appellant: Shri Percy Pardiwala and Ms. Vasanti B. Patel
Section 14ASection 37Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER ITA Nos.766 and 767/PUN/2018 Assessment Years : 2012-13 and 2013-14 Bajaj Finance Limited, Vs. DCIT, Circle-8, 3rd Floor, Panchshil Tech Park, Pune Plot No.43/1, 43/2, 44/2, Viman Nagar, Pune 411 014 PAN : AABCB1518L Appellant Respondent ITA Nos.818 and 819/PUN/2018 Assessment Years : 2012-13 and 2013-14 DCIT, Circle-8, Vs. Bajaj Finance Limited, 3rd Floor, Panchshil Tech Park, Pune Plot No.43/1, 43/2, 44/2, Viman Nagar, Pune 411 014 PAN : AABCB1518L Appellant Respon…