Karnataka Bank v. CIT

356 ITR 539Reported decision#7141 most cited
16

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2018.

Judgments citing Karnataka Bank v. CIT

CANARA BANK ,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX LTU , BANGALORE

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

ITA 865/BANG/2017[2012-13]Status: DisposedITAT Bangalore23 Mar 2018AY 2012-13

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Raom/S.Canara Bank, Bsca Section, Head Office, J C Road, Bengaluru-560 002. Pan: Aaacc 6106 G … Appellant Vs. Joint Commissioner Of Income-Tax, Ltu, Bengaluru. … Respondent

For Appellant: Shri S.Ananathan, CAFor Respondent: Shri Sanjay Kumar, CIT(DR)
Section 115JSection 143(3)Section 36(1)(viia)Section 40

…s decided by the co-ordinate bench in the case of the assessee to which both of us are parties wherein after referring to circular Nos.18 of 2015 dated 02/11/2015 and the decision of the Hon’ble jurisdictional High Court in the case of Karnataka bank vs. CIT (356 ITR 539) and the decision of the Hon’ble Apex Court in the case of Southern Technology (320 ITR 577) and UCO Bank (237 ITR 889) it has been held as under: “9.5 We heard the rival submissions and perused the material on record. The short issue in this ground of appeal is whether fall in value of investments made pursuant to SLR requirements of RBI can Pag…

CANARA BANK,BANGALORE vs. JCIT, BANGALORE

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

ITA 931/BANG/2016[2011-12]Status: DisposedITAT Bangalore15 Sept 2017AY 2011-12

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior Advocate and Shri S.Ananthan, CAFor Respondent: Shri G.R. Reddy, CIT(DR)
Section 143(3)Section 36(1)(vii)

…s decided by the co-ordinate bench in the case of the assessee to which both of us are parties wherein after referring to circular Nos.18 of 2015 dated 02/11/2015 and the decision of the Hon’ble jurisdictional High Court in the case of Karnataka bank vs. CIT (356 ITR 539) and the decision of the Hon’ble Apex Court in the case of Southern Technology (320 ITR 577) and UCO Bank (237 ITR 889) it has been held as under: “9.5 We heard the rival submissions and perused the material on record. The short issue in this ground of appeal is whether fall in value of investments made pursuant to SLR requirements of RBI can be…

CANARA BANK,BANGALORE vs. JCIT, BANGALORE

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

ITA 1493/BANG/2014[2010-11]Status: DisposedITAT Bangalore15 Sept 2017AY 2010-11

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior Advocate and Shri S.Ananthan, CAFor Respondent: Shri G.R. Reddy, CIT(DR)
Section 143(3)Section 36(1)(vii)

…s decided by the co-ordinate bench in the case of the assessee to which both of us are parties wherein after referring to circular Nos.18 of 2015 dated 02/11/2015 and the decision of the Hon’ble jurisdictional High Court in the case of Karnataka bank vs. CIT (356 ITR 539) and the decision of the Hon’ble Apex Court in the case of Southern Technology (320 ITR 577) and UCO Bank (237 ITR 889) it has been held as under: “9.5 We heard the rival submissions and perused the material on record. The short issue in this ground of appeal is whether fall in value of investments made pursuant to SLR requirements of RBI can be…

JOINT COMMISSIONER OF INCOME TAX,, BANGALORE vs. M/S CANARA BANK, BANGALORE

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

ITA 1440/BANG/2014[2010-11]Status: DisposedITAT Bangalore15 Sept 2017AY 2010-11

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior Advocate and Shri S.Ananthan, CAFor Respondent: Shri G.R. Reddy, CIT(DR)
Section 143(3)Section 36(1)(vii)

…s decided by the co-ordinate bench in the case of the assessee to which both of us are parties wherein after referring to circular Nos.18 of 2015 dated 02/11/2015 and the decision of the Hon’ble jurisdictional High Court in the case of Karnataka bank vs. CIT (356 ITR 539) and the decision of the Hon’ble Apex Court in the case of Southern Technology (320 ITR 577) and UCO Bank (237 ITR 889) it has been held as under: “9.5 We heard the rival submissions and perused the material on record. The short issue in this ground of appeal is whether fall in value of investments made pursuant to SLR requirements of RBI can be…

CANARA BANK vs. ADDL.C.I,.T,

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

ITA 979/BANG/2013[2009-10]Status: DisposedITAT Bangalore15 Sept 2017AY 2009-10

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior Advocate and Shri S.Ananthan, CAFor Respondent: Shri G.R. Reddy, CIT(DR)
Section 143(3)Section 36(1)(vii)

…s decided by the co-ordinate bench in the case of the assessee to which both of us are parties wherein after referring to circular Nos.18 of 2015 dated 02/11/2015 and the decision of the Hon’ble jurisdictional High Court in the case of Karnataka bank vs. CIT (356 ITR 539) and the decision of the Hon’ble Apex Court in the case of Southern Technology (320 ITR 577) and UCO Bank (237 ITR 889) it has been held as under: “9.5 We heard the rival submissions and perused the material on record. The short issue in this ground of appeal is whether fall in value of investments made pursuant to SLR requirements of RBI can be…

J.C.I.T vs. M/S CANARA BANK,

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

ITA 1035/BANG/2013[2009-10]Status: DisposedITAT Bangalore15 Sept 2017AY 2009-10

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior Advocate and Shri S.Ananthan, CAFor Respondent: Shri G.R. Reddy, CIT(DR)
Section 143(3)Section 36(1)(vii)

…s decided by the co-ordinate bench in the case of the assessee to which both of us are parties wherein after referring to circular Nos.18 of 2015 dated 02/11/2015 and the decision of the Hon’ble jurisdictional High Court in the case of Karnataka bank vs. CIT (356 ITR 539) and the decision of the Hon’ble Apex Court in the case of Southern Technology (320 ITR 577) and UCO Bank (237 ITR 889) it has been held as under: “9.5 We heard the rival submissions and perused the material on record. The short issue in this ground of appeal is whether fall in value of investments made pursuant to SLR requirements of RBI can be…

VIJAYA BANK,BANGALORE vs. ADDL..C.I.T., BANGALORE

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

ITA 331/BANG/2014[2009-10]Status: DisposedITAT Bangalore22 Jul 2016AY 2009-10

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Raojoint Commissioner Of Income-Tax, Ltu, Bangalore. … Appellant Vs. M/S. Vijaya Bank, Head Office, Central Accounts Dept. 41/2, Mg Road, Bangalre-560001. … Respondent Pa No.Aaacv 4791 J & M/S. Vijaya Bank, Ho, Central Accounts Dept. 41/2, M.G.Road, Bangalore. … Appellant Vs. Addl. Commissioner Of Income-Tax, Ltu, Bangalore. … Respondent Revenue By : Shri P.Chandrashekar, Cit(Dr) Assessee By : Shri S.Ananthan, Ca & Smt.Lalitha Ramaswamy, Ca Date Of Hearing : 07/06/2016 Date Of Pronouncement : 22/07/2016 O R D E R Per Inturi Rama Rao, Am : These Are Cross Appeals Filed By The Assessee-Bank As Well As The Revenue Directed Against The Order Of The Cit(A), Ltu, Bangalore, Dated 28/11/2013 For The Assessment Year 2009-10. Ita Nos.318 & 331/Bang/2014 Page 2 Of 25 2. Briefly, Facts Of The Case Are That The Assessee Is A Nationalized Bank Engaged In The Business Of Banking. It Filed Return Of Income For The Assessment Year 2009-10 On 29/9/2009 Declaring A Total Income Of Rs.540,24,85,305/-. Against The Said Return Of Income, Assessment Was Completed By The Addl. Cit (Ltu), Bangalore, U/S 143(3) Of The Income-Tax Act, 1961 [Hereinafter Referred To As 'The Act' For Short] Vide Order Dated 30/08/2011 At A Total Income Of Rs.1205,99,81,409/-. While Doing So, The Ao Made The Following Disallowances:

For Appellant: Shri S.Ananthan, CA and Smt.Lalitha Ramaswamy, CAFor Respondent: Shri P.Chandrashekar, CIT(DR)
Section 115JSection 143(3)Section 14ASection 36(1)(vii)Section 36(1)(viia)

…tanding treatment given in the books of account, it is undisputed fact that investments are made only to comply with the regulations of RBI governing SLR requirement. Even otherwise, the Hon'ble jurisdictional High Court in the case of Karnataka Bank vs. CIT (356 ITR 539) held that circular issued by the RBI for treatment in the books of account is not relevant for classifying the investments whether stock-in-trade or not. In the present case, undisputedly, assessee-bank has changed its method of accounting by classifying the investments from investments to stock-in-trade. In such a situation, provisions of sec.4…

JCIT, BANGALORE vs. M/S VIJAYA BANK, BANGALORE

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

ITA 318/BANG/2014[2009-10]Status: DisposedITAT Bangalore22 Jul 2016AY 2009-10

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Raojoint Commissioner Of Income-Tax, Ltu, Bangalore. … Appellant Vs. M/S. Vijaya Bank, Head Office, Central Accounts Dept. 41/2, Mg Road, Bangalre-560001. … Respondent Pa No.Aaacv 4791 J & M/S. Vijaya Bank, Ho, Central Accounts Dept. 41/2, M.G.Road, Bangalore. … Appellant Vs. Addl. Commissioner Of Income-Tax, Ltu, Bangalore. … Respondent Revenue By : Shri P.Chandrashekar, Cit(Dr) Assessee By : Shri S.Ananthan, Ca & Smt.Lalitha Ramaswamy, Ca Date Of Hearing : 07/06/2016 Date Of Pronouncement : 22/07/2016 O R D E R Per Inturi Rama Rao, Am : These Are Cross Appeals Filed By The Assessee-Bank As Well As The Revenue Directed Against The Order Of The Cit(A), Ltu, Bangalore, Dated 28/11/2013 For The Assessment Year 2009-10. Ita Nos.318 & 331/Bang/2014 Page 2 Of 25 2. Briefly, Facts Of The Case Are That The Assessee Is A Nationalized Bank Engaged In The Business Of Banking. It Filed Return Of Income For The Assessment Year 2009-10 On 29/9/2009 Declaring A Total Income Of Rs.540,24,85,305/-. Against The Said Return Of Income, Assessment Was Completed By The Addl. Cit (Ltu), Bangalore, U/S 143(3) Of The Income-Tax Act, 1961 [Hereinafter Referred To As 'The Act' For Short] Vide Order Dated 30/08/2011 At A Total Income Of Rs.1205,99,81,409/-. While Doing So, The Ao Made The Following Disallowances:

For Appellant: Shri S.Ananthan, CA and Smt.Lalitha Ramaswamy, CAFor Respondent: Shri P.Chandrashekar, CIT(DR)
Section 115JSection 143(3)Section 14ASection 36(1)(vii)Section 36(1)(viia)

…tanding treatment given in the books of account, it is undisputed fact that investments are made only to comply with the regulations of RBI governing SLR requirement. Even otherwise, the Hon'ble jurisdictional High Court in the case of Karnataka Bank vs. CIT (356 ITR 539) held that circular issued by the RBI for treatment in the books of account is not relevant for classifying the investments whether stock-in-trade or not. In the present case, undisputedly, assessee-bank has changed its method of accounting by classifying the investments from investments to stock-in-trade. In such a situation, provisions of sec.4…

CANARA BANK,BANGALORE vs. ADDL. C.I.T., BANGALORE

In the result, appeal by the revenue is partly allowed

ITA 693/BANG/2012[2008-09]Status: DisposedITAT Bangalore30 Mar 2016AY 2008-09

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…s undisputed fact that investments are ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 15 of 42 made only to comply with the regulations of RBI governing SLR requirement. Even otherwise, the Hon'ble jurisdictional High Court in the case of Karnataka Bank vs. CIT (356 ITR 539) held that circular issued by the RBI for treatment in the books of account is not relevant for classifying the investments whether stock-in-trade or not. In the present case, undisputedly, assessee-bank has changed its method of accounting by classifying the investments from investments to stock-in-trade. In such a situation, provisions of sec.4…

JCIT, BANGALORE vs. M/S CANARA BANK, BANGALORE

In the result, appeal by the revenue is partly allowed

ITA 684/BANG/2012[2008-09]Status: DisposedITAT Bangalore30 Mar 2016AY 2008-09

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…s undisputed fact that investments are ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 15 of 42 made only to comply with the regulations of RBI governing SLR requirement. Even otherwise, the Hon'ble jurisdictional High Court in the case of Karnataka Bank vs. CIT (356 ITR 539) held that circular issued by the RBI for treatment in the books of account is not relevant for classifying the investments whether stock-in-trade or not. In the present case, undisputedly, assessee-bank has changed its method of accounting by classifying the investments from investments to stock-in-trade. In such a situation, provisions of sec.4…

ADDL.CI.T., BANGALORE vs. M/S CANARA BANK, BANGALORE

In the result, appeal by the revenue is partly allowed

ITA 813/BANG/2011[2007-08]Status: DisposedITAT Bangalore30 Mar 2016AY 2007-08

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…s undisputed fact that investments are ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 15 of 42 made only to comply with the regulations of RBI governing SLR requirement. Even otherwise, the Hon'ble jurisdictional High Court in the case of Karnataka Bank vs. CIT (356 ITR 539) held that circular issued by the RBI for treatment in the books of account is not relevant for classifying the investments whether stock-in-trade or not. In the present case, undisputedly, assessee-bank has changed its method of accounting by classifying the investments from investments to stock-in-trade. In such a situation, provisions of sec.4…

CANARA BANK,BANGALORE vs. ADDL.C.I.T., BANGALORE

In the result, appeal by the revenue is partly allowed

ITA 793/BANG/2011[2007-08]Status: DisposedITAT Bangalore30 Mar 2016AY 2007-08

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…s undisputed fact that investments are ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 15 of 42 made only to comply with the regulations of RBI governing SLR requirement. Even otherwise, the Hon'ble jurisdictional High Court in the case of Karnataka Bank vs. CIT (356 ITR 539) held that circular issued by the RBI for treatment in the books of account is not relevant for classifying the investments whether stock-in-trade or not. In the present case, undisputedly, assessee-bank has changed its method of accounting by classifying the investments from investments to stock-in-trade. In such a situation, provisions of sec.4…

JCIT, BANGALORE vs. M/S CANARA BANK, BANGALORE

In the result, appeal by the revenue is partly allowed

ITA 601/BANG/2010[2005-06]Status: DisposedITAT Bangalore30 Mar 2016AY 2005-06

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…s undisputed fact that investments are ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 15 of 42 made only to comply with the regulations of RBI governing SLR requirement. Even otherwise, the Hon'ble jurisdictional High Court in the case of Karnataka Bank vs. CIT (356 ITR 539) held that circular issued by the RBI for treatment in the books of account is not relevant for classifying the investments whether stock-in-trade or not. In the present case, undisputedly, assessee-bank has changed its method of accounting by classifying the investments from investments to stock-in-trade. In such a situation, provisions of sec.4…

CANARA BANK,BANGALORE vs. JCIT, BANGALORE

In the result, appeal by the revenue is partly allowed

ITA 530/BANG/2010[2005-06]Status: DisposedITAT Bangalore30 Mar 2016AY 2005-06

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…s undisputed fact that investments are ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 15 of 42 made only to comply with the regulations of RBI governing SLR requirement. Even otherwise, the Hon'ble jurisdictional High Court in the case of Karnataka Bank vs. CIT (356 ITR 539) held that circular issued by the RBI for treatment in the books of account is not relevant for classifying the investments whether stock-in-trade or not. In the present case, undisputedly, assessee-bank has changed its method of accounting by classifying the investments from investments to stock-in-trade. In such a situation, provisions of sec.4…

ADDL.CIT, BANGALORE vs. M/S CANARA BANK, BANGALORE

In the result, appeal by the revenue is partly allowed

ITA 530/BANG/2009[2006-07]Status: DisposedITAT Bangalore30 Mar 2016AY 2006-07

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…s undisputed fact that investments are ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 15 of 42 made only to comply with the regulations of RBI governing SLR requirement. Even otherwise, the Hon'ble jurisdictional High Court in the case of Karnataka Bank vs. CIT (356 ITR 539) held that circular issued by the RBI for treatment in the books of account is not relevant for classifying the investments whether stock-in-trade or not. In the present case, undisputedly, assessee-bank has changed its method of accounting by classifying the investments from investments to stock-in-trade. In such a situation, provisions of sec.4…

M/S. CANARA BANK,BANGALORE vs. ACIT, BANGALORE

In the result, appeal by the revenue is partly allowed

ITA 479/BANG/2009[2006-07]Status: DisposedITAT Bangalore30 Mar 2016AY 2006-07

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…s undisputed fact that investments are ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 15 of 42 made only to comply with the regulations of RBI governing SLR requirement. Even otherwise, the Hon'ble jurisdictional High Court in the case of Karnataka Bank vs. CIT (356 ITR 539) held that circular issued by the RBI for treatment in the books of account is not relevant for classifying the investments whether stock-in-trade or not. In the present case, undisputedly, assessee-bank has changed its method of accounting by classifying the investments from investments to stock-in-trade. In such a situation, provisions of sec.4…