Karnavati Co-op. Bank Ltd. v. DCIT

134 ITD 486Income Tax Appellate Tribunal2012#19020 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2016 to 2025.

Sections most often in play

Section 143(1)Section 143(3)Section 147 Section 148 Section 40(a)(ii)Section 43D Section 45Q

Judgments citing Karnavati Co-op. Bank Ltd. v. DCIT

The Nicoloson Co-Operative Town Bank Limited, Thanjavur vs. Income Tax Officer, Thanjavur

In the result the appeal of the assessee is allowed

ITA 1783/CHNY/2024[2008-2009]Status: DisposedITAT Chennai07 Mar 2025AY 2008-2009

Bench: Shri George George K, Hon’Ble & Shri S.R. Raghunatha, Hon’Bleआयकर अपील सं./Ita No.: 1783/Chny/2024 ननिाजरण वर्ज / Assessment Year: 2008-09 The Nicoloson Co-Operative Town Income Tax Officer, Bank Ltd., V. Ward (1), No 1120, East Main Street, Thanjavur. Thanjavur, Tamil Nadu 613001. [Pan: Aacft-3931-D] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) अपीलाथी की ओर से/Appellant By : Shri. V. Alagappan, Ca प्रत्यथी की ओर से/Respondent By : Ms. Gouthami Manivasagam, Jcit सुनवाई की तारीख/Date Of Hearing : 24.02.2025 घोर्णा की तारीख/Date Of Pronouncement : 07.03.2025 आदेश /O R D E R

For Appellant: Shri. V. Alagappan, CAFor Respondent: Ms. Gouthami Manivasagam, JCIT

Section 143(1)Section 143(3)Section 147Section 148Section 40Section 43D

…m the benefit which would amount to a benefit similar to that under section 43D of the Act, therefore, does not merit acceptance. b) The ITAT Ahmedabad in KARNAVATI CO-OP. BANK LTD. VERSUS DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-11 [2012] 14 ITR 175, [2012] 134 ITD 486, [2012] 144 TTJ 769 has decided that section 43D has to be followed in letter & spirit and that as per Hon'ble Supreme Court decision in UCO bank case interest on sticky advances are to be recognised as income only when actually received. c) Bombay high court based on Gujarat High Decision & Punjab & Haryana High Court Decisions held that even th…

Vardhman (Mahila) Co-Operative Urban Bank Limited, Hyderabad vs. ACIT, Circle-14(1), Hyderabad

Appeal is allowed in above terms

ITA 624/HYD/2017[2013-14]Status: DisposedITAT Hyderabad17 Jan 2022AY 2013-14

Bench: Shri A.Mohan Alankamony & Shri S.S.Godara

For Appellant: NONEFor Respondent: Shri T.Sunil Goutam, DR

Section 143(3)Section 145Section 430Section 43DSection 6

…applied. As such, it was submitted that the assessee cannot be denied the applicability of provisions of section 43D(g) of the Act. An identical issue was considered by Ahmedabad Bench of the Tribunal in the case of Karnavati Co-op. Bank Ltd. vs. DCIT (2012) (134 ITD 486) wherein it was held that interest on sticky advances/NPA advances cannot be brought to tax. The provisions of section 43D are applicable to Co-operative Banks also. The relevant findings of the Tribunal are as under: "Sec. 43D is in contrast with the fundamental principle of accountancy. The cardinal principle of mercantile system of accountancy…

The Thaliparamba Co-Op Urbank Bank Ltd, Taliparamaba vs. The Pr.CIT, Kozhikkode

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

ITA 35/COCH/2018[2013-14]Status: DisposedITAT Cochin13 Mar 2019AY 2013-14

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 143(3)Section 263Section 43D

…1 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI CHANDRA POOJARI, AM & GEORGE GEORGE K., JM I.T.A. No.35/Coch/2018 Assessment Year : 2013-14 The Taliparamba Co-operative Vs. The Income Tax officer, Ward-4, Bank Ltd., Kannur. National Highway, Taliparamba, Kannur. [PAN:AAAAT 7036L] (Assessee-Appellant) (Revenue-Respondent) Assessee by Shri Arun Raj, Adv. Revenue by Smt. A.S. Bindhu, Sr. DR Date of hearing 12/03/2019 Date of pronouncement 13/03/2019 O R D E R Per CHANDRA POOJARI, AM: The appeal filed by the assessee is directed against the order of the CIT, Kozhikode pa…

Hero Motocorp Limited, New Delhi vs. JCIT, New Delhi

In the result appeal of the assessee in ITA No

ITA 1545/DEL/2015[2010-11]Status: DisposedITAT Delhi24 Oct 2016AY 2010-11

Bench: Sh. I. C. Sudhir & Shri Prashant Maharishihero Motocorp Limited, Jcit, 34, Basant Lok, Vasant Range-1, New Delhi Vs. Vihar, New Delhi Pan: Aaach0812J (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Vs. New Delhi Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. NC Sawain, CIT DR

Section 143Section 143(3)Section 144CSection 92C

…. DLF Commercial Project Corp.: ITA No. 627/2012 (Del.) iii. CIT v. Fortis Healthcare ltd.: 181 Taxman 257 (Del.) iv. CIT vs. Siemens Aktiongesellschaft: 310 ITR 320 (Bom.) v. United Hotels Ltd. v. ITO: 93 TTJ 822 (Del) vi. Karnavati Co-op. Bank Ltd. V. DCIT: 134 ITD 486 (Ahd.) vii. Mahyco Monsanto Biotech (India) Ltd. v. Addl. CIT: ITA NO. 5842/MUM/2012 (Mum.)(ITAT) d) The aforesaid issue has also been decided in favor of the appellant by the Tribunal in appeal for the AY 2007-08, Hero MotoCorp Limited Vs. JCIT & DCIT Vs. Hero MotoCorp Ltd. ITA Nos. 1545/Del/2015 and 2424/Del/2015 (AY 2010-11) ITA No. 1609/Del…