CIT v. Vijaya Bank

187 ITR 541Supreme Court of India1991#917 most cited

What is CIT v. Vijaya Bank authority for?

The 'broken period interest' paid on securities is considered part of the capital outlay for acquiring those securities and cannot be allowed as a revenue expenditure or business deduction. It must be capitalized.

116

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2012 to 2026.

Also referred to as

CIT v. Vijaya Bank · 187 ITR 541 · SC · broken period interest · securities · capital outlay · business deduction · capitalization · stock-in-trade · revenue expenditure

Sections most often in play

Section 14ASection 37(1)Section 40(a)(ia)Section 43BSection 115JBSection 145Section 250Section 36(1)(iii)

Issues it is cited on

section 57(i)section 2(d)section 36(2)(v)section 43dsection 41(4)section 36(1)(viia)section 46section 46ainterest on securitiessection 35dsection 36(2)right to receive

Judgments citing CIT v. Vijaya Bank

DCIT 2(2)(2), Mumbai vs. Yes Bank Ltd., Mumbai

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

ITA 3236/MUM/2018[2011-12]Status: DisposedITAT Mumbai28 Jun 2022AY 2011-12

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Yogesh Thar, ARFor Respondent: Shri Shekhar L. Gajbhiye, CIT
Section 14ASection 35DSection 40

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI SANDEEP SINGH KARHAIL, JM ITA No. 3499/Mum/2018 (Assessment Year 2012-13) The Deputy Commissioner of Income Tax , Yes Bank Limited 9th Floor, Nehru Centre, Circle 2(2)(2) Discovery of India, Dr. AB Road, 545, Aykar Bhavan, Vs. Worli, Mumbai-400 018 MK road, Mumbai-400 020 (Respondent) (Appellant) PAN No. AAACY2068D ITA No. 3237/Mum/2018 (Assessment Year 2012-13) The Deputy Commissioner of Income Tax , Yes Bank Limited 9th Floor, Nehru Centre, Circle 2(2)(2) 545, Aaykar Bhavan, Discovery of India, Dr. AB Road, Vs. Wo…

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)

…red by the Hon’ble Bombay High Court in case of American Express International Banking Corporation vs. CIT reported in 258 ITR 601 (Bom) by considering the decision rendered by the Hon’ble Supreme Court in case of Vijaya Bank Ltd. vs. Addl. CIT reported in 187 ITR 541 SC. No distinguishing facts have been brought on record by the Ld. D.R., hence we find no scope to interfere into the findings returned by the Ld. CIT(A). Hence, ground No.4 is also determined against the Revenue. 47 ITA No.3685/M/2013 & ITA No.4951/M/2013 M/s. State Bank of India Ground No.5 of Revenue’s appeal (ITA No.4951/M/2013) A.Y. 2005-0…

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)

…red by the Hon’ble Bombay High Court in case of American Express International Banking Corporation vs. CIT reported in 258 ITR 601 (Bom) by considering the decision rendered by the Hon’ble Supreme Court in case of Vijaya Bank Ltd. vs. Addl. CIT reported in 187 ITR 541 SC. No distinguishing facts have been brought on record by the Ld. D.R., hence we find no scope to interfere into the findings returned by the Ld. CIT(A). Hence, ground No.4 is also determined against the Revenue. 47 ITA No.3685/M/2013 & ITA No.4951/M/2013 M/s. State Bank of India Ground No.5 of Revenue’s appeal (ITA No.4951/M/2013) A.Y. 2005-0…

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 78/CHNY/2015[2010-11]Status: DisposedITAT Chennai09 Mar 2022AY 2010-11

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

…securities was recognized as revenue item in the books as per Accounting Standard-13 issued by ICAI. However, for tax purpose, the broken period interest was treated as part of cost / consideration as per the decision of Hon’ble Supreme Court in Vijaya Bank (187 ITR 547). Accordingly, the resultant gains / losses were offered to tax under the head capital gains. However, Ld. AO opined that the transactions would be assessable as ‘business income’ as held in assessment order for AY 2005-06. Accordingly, the loss was added back to the income of the assessee. The Ld. CIT(A), following appellate order for AY 2004-05…

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 77/CHNY/2015[2009-10]Status: DisposedITAT Chennai09 Mar 2022AY 2009-10

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

…securities was recognized as revenue item in the books as per Accounting Standard-13 issued by ICAI. However, for tax purpose, the broken period interest was treated as part of cost / consideration as per the decision of Hon’ble Supreme Court in Vijaya Bank (187 ITR 547). Accordingly, the resultant gains / losses were offered to tax under the head capital gains. However, Ld. AO opined that the transactions would be assessable as ‘business income’ as held in assessment order for AY 2005-06. Accordingly, the loss was added back to the income of the assessee. The Ld. CIT(A), following appellate order for AY 2004-05…

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 76/CHNY/2015[2008-09]Status: DisposedITAT Chennai09 Mar 2022AY 2008-09

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

…securities was recognized as revenue item in the books as per Accounting Standard-13 issued by ICAI. However, for tax purpose, the broken period interest was treated as part of cost / consideration as per the decision of Hon’ble Supreme Court in Vijaya Bank (187 ITR 547). Accordingly, the resultant gains / losses were offered to tax under the head capital gains. However, Ld. AO opined that the transactions would be assessable as ‘business income’ as held in assessment order for AY 2005-06. Accordingly, the loss was added back to the income of the assessee. The Ld. CIT(A), following appellate order for AY 2004-05…

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 75/CHNY/2015[2007-08]Status: DisposedITAT Chennai09 Mar 2022AY 2007-08

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

…securities was recognized as revenue item in the books as per Accounting Standard-13 issued by ICAI. However, for tax purpose, the broken period interest was treated as part of cost / consideration as per the decision of Hon’ble Supreme Court in Vijaya Bank (187 ITR 547). Accordingly, the resultant gains / losses were offered to tax under the head capital gains. However, Ld. AO opined that the transactions would be assessable as ‘business income’ as held in assessment order for AY 2005-06. Accordingly, the loss was added back to the income of the assessee. The Ld. CIT(A), following appellate order for AY 2004-05…

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 74/CHNY/2015[2006-07]Status: DisposedITAT Chennai09 Mar 2022AY 2006-07

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

…securities was recognized as revenue item in the books as per Accounting Standard-13 issued by ICAI. However, for tax purpose, the broken period interest was treated as part of cost / consideration as per the decision of Hon’ble Supreme Court in Vijaya Bank (187 ITR 547). Accordingly, the resultant gains / losses were offered to tax under the head capital gains. However, Ld. AO opined that the transactions would be assessable as ‘business income’ as held in assessment order for AY 2005-06. Accordingly, the loss was added back to the income of the assessee. The Ld. CIT(A), following appellate order for AY 2004-05…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 293/CHNY/2015[2010-2011]Status: DisposedITAT Chennai09 Mar 2022AY 2010-2011

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

…securities was recognized as revenue item in the books as per Accounting Standard-13 issued by ICAI. However, for tax purpose, the broken period interest was treated as part of cost / consideration as per the decision of Hon’ble Supreme Court in Vijaya Bank (187 ITR 547). Accordingly, the resultant gains / losses were offered to tax under the head capital gains. However, Ld. AO opined that the transactions would be assessable as ‘business income’ as held in assessment order for AY 2005-06. Accordingly, the loss was added back to the income of the assessee. The Ld. CIT(A), following appellate order for AY 2004-05…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 292/CHNY/2015[2009-10]Status: DisposedITAT Chennai09 Mar 2022AY 2009-10

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

…securities was recognized as revenue item in the books as per Accounting Standard-13 issued by ICAI. However, for tax purpose, the broken period interest was treated as part of cost / consideration as per the decision of Hon’ble Supreme Court in Vijaya Bank (187 ITR 547). Accordingly, the resultant gains / losses were offered to tax under the head capital gains. However, Ld. AO opined that the transactions would be assessable as ‘business income’ as held in assessment order for AY 2005-06. Accordingly, the loss was added back to the income of the assessee. The Ld. CIT(A), following appellate order for AY 2004-05…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 291/CHNY/2015[2008-09]Status: DisposedITAT Chennai09 Mar 2022AY 2008-09

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

…securities was recognized as revenue item in the books as per Accounting Standard-13 issued by ICAI. However, for tax purpose, the broken period interest was treated as part of cost / consideration as per the decision of Hon’ble Supreme Court in Vijaya Bank (187 ITR 547). Accordingly, the resultant gains / losses were offered to tax under the head capital gains. However, Ld. AO opined that the transactions would be assessable as ‘business income’ as held in assessment order for AY 2005-06. Accordingly, the loss was added back to the income of the assessee. The Ld. CIT(A), following appellate order for AY 2004-05…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 290/CHNY/2015[2007-08]Status: DisposedITAT Chennai09 Mar 2022AY 2007-08

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

…securities was recognized as revenue item in the books as per Accounting Standard-13 issued by ICAI. However, for tax purpose, the broken period interest was treated as part of cost / consideration as per the decision of Hon’ble Supreme Court in Vijaya Bank (187 ITR 547). Accordingly, the resultant gains / losses were offered to tax under the head capital gains. However, Ld. AO opined that the transactions would be assessable as ‘business income’ as held in assessment order for AY 2005-06. Accordingly, the loss was added back to the income of the assessee. The Ld. CIT(A), following appellate order for AY 2004-05…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 289/CHNY/2015[2007-08]Status: DisposedITAT Chennai09 Mar 2022AY 2007-08

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

…securities was recognized as revenue item in the books as per Accounting Standard-13 issued by ICAI. However, for tax purpose, the broken period interest was treated as part of cost / consideration as per the decision of Hon’ble Supreme Court in Vijaya Bank (187 ITR 547). Accordingly, the resultant gains / losses were offered to tax under the head capital gains. However, Ld. AO opined that the transactions would be assessable as ‘business income’ as held in assessment order for AY 2005-06. Accordingly, the loss was added back to the income of the assessee. The Ld. CIT(A), following appellate order for AY 2004-05…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 288/CHNY/2015[2006-07]Status: DisposedITAT Chennai09 Mar 2022AY 2006-07

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

…securities was recognized as revenue item in the books as per Accounting Standard-13 issued by ICAI. However, for tax purpose, the broken period interest was treated as part of cost / consideration as per the decision of Hon’ble Supreme Court in Vijaya Bank (187 ITR 547). Accordingly, the resultant gains / losses were offered to tax under the head capital gains. However, Ld. AO opined that the transactions would be assessable as ‘business income’ as held in assessment order for AY 2005-06. Accordingly, the loss was added back to the income of the assessee. The Ld. CIT(A), following appellate order for AY 2004-05…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 287/CHNY/2015[2006-07]Status: DisposedITAT Chennai09 Mar 2022AY 2006-07

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

…securities was recognized as revenue item in the books as per Accounting Standard-13 issued by ICAI. However, for tax purpose, the broken period interest was treated as part of cost / consideration as per the decision of Hon’ble Supreme Court in Vijaya Bank (187 ITR 547). Accordingly, the resultant gains / losses were offered to tax under the head capital gains. However, Ld. AO opined that the transactions would be assessable as ‘business income’ as held in assessment order for AY 2005-06. Accordingly, the loss was added back to the income of the assessee. The Ld. CIT(A), following appellate order for AY 2004-05…

The Asst.Commissioner vs. M/S Krishna Grameena Bank

The appeal stands dismissed

ITA/200006/2016HC Karnataka17 Nov 2021

Bench: R.DEVDAS,RAJENDRA BADAMIKAR

Section 206A

…is appeal is whether the deduction towards the expenditure of amortization of the premium paid on purchase of government securities can be allowed, in view of the judgment rendered by the Supreme Court in the case of Vijaya Bank vs. Addl. CIT reported in 187 ITR 541 (SC)? 2. Learned Senior Counsel Sri A. Shankar, appearing for the respondent-Assessee submits that the 3 issue stands covered by various decisions, including that of The Commissioner of Income Tax and another vs. Karnataka Vikas Grameen Bank in I.T.A.No.100014/2014 dated 14.12.2015 (Kar.). A list of other decisions are also cited by the…

Assistant Commissioner of Income Tax vs. M/S Krishna Grameena Bank

The appeal is partly allowed,

ITA/200011/2015HC Karnataka17 Nov 2021

Bench: R.DEVDAS,RAJENDRA BADAMIKAR

Section 260A

…1 IN THE HIGH COURT OF KARNATAKA KALABURAGI BENCH DATED THIS THE 17TH DAY OF NOVEMBER 2021 PRESENT THE HON’BLE MR.JUSTICE R. DEVDAS AND THE HON’BLE MR.JUSTICE RAJENDRA BADAMIKAR I.T.A. No.200011/2015 BETWEEN: ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1 GULBARGA-585104 ...APPELLANT (BY SRI. AMEET KUMAR DESHPANDE, ADVOCATE) AND: M/S KRISHNA GRAMEENA BANK HEAD OFFICE KUSNOOR, KALABURAGI-585104 …RESPONDENT (BY SRI. A. SHANKAR, SENIOR COUNSEL FOR SRI S.ANNAMALAI AND SRI M. LAVA, ADVOCATES) THIS ITA IS FILED UNDER SECTION 260A OF THE INCOME TAX ACT, PRAYING TO ALLOW THIS APPEAL AND 2 TO…

The Addl.. Commissioner of vs. M/S Krishna Grameen Bank

The appeal stands dismissed

ITA/6007/2012HC Karnataka17 Nov 2021

Bench: R.DEVDAS,RAJENDRA BADAMIKAR

Section 260A

…n making in this appeal is whether the deduction towards the expenditure of amortization of the premium paid on purchase of government securities can be allowed, in view of the judgment rendered by the Supreme Court in the case of Vijaya Bank reported in 187 ITR 541? 3 2. Learned Senior Counsel Sri A. Shankar, appearing for the respondent-Assessee submits that the issue stands covered by various decisions, including that of The Commissioner of Income Tax and another vs. Karnataka Vikas Grameen Bank in I.T.A.No.100014/2014 dated 14.12.2015 (Kar.). A list of other decisions are also cited by the lear…

Hdfc Bank Ltd, Mumbai vs. DCIT 2(3)(1), Mumbai

In the result, appeal of the revenue is dismissed

ITA 5672/MUM/2017[2012-13]Status: DisposedITAT Mumbai16 Jul 2021AY 2012-13

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () M/S Hdfc Bank Limited Acit-2(3)(1) Hdfc Bank House Vs. Aayakar Bhavan, Senapati Bapat Marg, Mumbai Lower Parel, Mumbai – 400 013

For Appellant: Shri J.D. Mistry, A.RFor Respondent: Shri Manoj Mishra, D.R
Section 143(1)Section 143(2)Section 143(3)Section 14ASection 36(1)(viia)

…terest of Rs.165,60,89,890/- for HTM category of securities was liable to be disallowed. The A.O while arriving at the aforesaid view had drawn support from the judgment of the Hon‟ble Supreme Court in the case of Vijaya Bank Limited Vs. Additional CIT (1991) 187 ITR 541 (SC). After inter alia making the aforesaid additions/disallowances the income of the assessee company was assessed by the A.O vide his order passed u/s 143(3), dated 18.03.2015 at an amount of Rs.8579,82,33,350/-. 4. Aggrieved, the assessee assailed the impugned assessment order before the CIT(A). It was observed by the CIT(A) that a similar iss…

ACIT, New Delhi vs. Smt. Sahara India Life Insurance Coy. Ltd., Lucknow

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

ITA 224/DEL/2017[2014-15]Status: DisposedITAT Delhi30 Jun 2021AY 2014-15

Bench: Shri R.K. Panda & Shri Sudhanshu Srivastavaassessment Year: 2014-15 Acit, Vs Sahara India Life Insurance Co. Ltd., Central Circle-1, R/O Kapoorthala Complex, New Delhi. Aliganj, Lucknow. Pan: Aahcs1334B (Appellant) (Respondent) Assessee By : Shri Aditya Vohra, Advocate Revenue By : Mrs. Aashna Paul, Cit, Dr Date Of Hearing : 25.05.2021 Date Of Pronouncement : 30.06.2021

For Appellant: Shri Aditya Vohra, AdvocateFor Respondent: Mrs. Aashna Paul, CIT, DR
Section 28Section 44

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : D : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER Assessment Year: 2014-15 ACIT, Vs Sahara India Life Insurance Co. Ltd., Central Circle-1, R/o Kapoorthala Complex, New Delhi. Aliganj, Lucknow. PAN: AAHCS1334B (Appellant) (Respondent) Assessee by : Shri Aditya Vohra, Advocate Revenue by : Mrs. Aashna Paul, CIT, DR Date of Hearing : 25.05.2021 Date of Pronouncement : 30.06.2021 ORDER PER R.K. PANDA, AM: This appeal filed by the Revenue is directed against the order dated 15.11.2016 of the CIT(A)-23, New Delh…