New India Insurance v. ACIT

18 SOT 51Income Tax Appellate Tribunal2007#2696 most cited
43

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2025.

Sections most often in play

Section 1961Section 5(2)Section 115ASection 143(3)Section 144C(13)Section 234BSection 234DSection 244A

Issues it is cited on

section 9(1)(v)section 92ca(3a)section 3asection 35ddasection 92c(1)section 44cuse of equipmentsection 35ddsection 36(2)(v)section 4asection 61section 46

Judgments citing New India Insurance v. ACIT

Asst DIT (It) 1(2), Mumbai vs. Credit Agricole Corporation & Investments Bank, Mumbai

ITA 1868/MUM/2014[2009-10]Status: DisposedITAT Mumbai11 Sept 2023AY 2009-10

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.9071/मुं/2010 (िन.व. 2006-07) आअसं.3103/मुं/2014 (िन.व. 2007-08) आअसं.1503/मुं/2014 (िन.व. 2008-09) आअसं.1504/मुं/2014 (िन.व. 2009-10) Credit Agricole Corporate & Investment Bank (Formerly Calyon Bank), 11Th Floor, Hoechst House, Nariman Point, Mumbai – 400 021 Pan: Aaccc-3872-B ...... अपीलाथ"/Appellant बनाम Vs. The Asstt. Director Of Income-Tax (International Taxation)-1(2) Mumbai, 1St Floor, Scindia House, Ballard Pier, Mumbai 400 038 ......"ितवादी/Respondent आअसं.4259/मुं/2014 (िन.व. 2007-08) आअसं.1483/मुं/2014 (िन.व. 2008-09) आअसं.1868/मुं/2014 (िन.व. 2009-10) The Asstt. Director Of Income-Tax (International Taxation)-1(2) Mumbai, 1St Floor, Scindia House, Ballard Pier, Mumbai 400 038. ...... अपीलाथ"/Appellant बनाम Vs. Credit Agricole Corporate & Investment Bank (Formerly Calyon Bank), 11Th Floor, Hoechst House

For Appellant: Shri P.J. Pardiwala, Sr.Advocate gwithFor Respondent: Shri Soumendu Kumar Dash, Sr. AR &
Section 143(3)

…e’s own case for assessment year 2004- 05 dismissed the ground. The Tribunal in assessment year 2003- 04 and 2004- 05 decided the issue against the assessee placing reliance on the decision of Special Bench in the case of Net India Industries Limited vs. ACIT 18 SOT 51. We see no reason to take a different view on parity of facts. Thus, ground no. 4 of appeal is dismissed. Ground No.5: Transfer Pricing Adjustment on interest in respect of call placements and borrowings(Same as ground No.19 in appeal for AY 2006-07); Ground No.6: Taxability in the hands of assessee (Indian Branch) of interest and commission aris…

Credit Agricole Corporate and Investments Bank, Mumbai vs. Asst DIT (It) 1(2), Mumbai

ITA 1504/MUM/2014[2009-10]Status: DisposedITAT Mumbai11 Sept 2023AY 2009-10

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.9071/मुं/2010 (िन.व. 2006-07) आअसं.3103/मुं/2014 (िन.व. 2007-08) आअसं.1503/मुं/2014 (िन.व. 2008-09) आअसं.1504/मुं/2014 (िन.व. 2009-10) Credit Agricole Corporate & Investment Bank (Formerly Calyon Bank), 11Th Floor, Hoechst House, Nariman Point, Mumbai – 400 021 Pan: Aaccc-3872-B ...... अपीलाथ"/Appellant बनाम Vs. The Asstt. Director Of Income-Tax (International Taxation)-1(2) Mumbai, 1St Floor, Scindia House, Ballard Pier, Mumbai 400 038 ......"ितवादी/Respondent आअसं.4259/मुं/2014 (िन.व. 2007-08) आअसं.1483/मुं/2014 (िन.व. 2008-09) आअसं.1868/मुं/2014 (िन.व. 2009-10) The Asstt. Director Of Income-Tax (International Taxation)-1(2) Mumbai, 1St Floor, Scindia House, Ballard Pier, Mumbai 400 038. ...... अपीलाथ"/Appellant बनाम Vs. Credit Agricole Corporate & Investment Bank (Formerly Calyon Bank), 11Th Floor, Hoechst House

For Appellant: Shri P.J. Pardiwala, Sr.Advocate gwithFor Respondent: Shri Soumendu Kumar Dash, Sr. AR &
Section 143(3)

…e’s own case for assessment year 2004- 05 dismissed the ground. The Tribunal in assessment year 2003- 04 and 2004- 05 decided the issue against the assessee placing reliance on the decision of Special Bench in the case of Net India Industries Limited vs. ACIT 18 SOT 51. We see no reason to take a different view on parity of facts. Thus, ground no. 4 of appeal is dismissed. Ground No.5: Transfer Pricing Adjustment on interest in respect of call placements and borrowings(Same as ground No.19 in appeal for AY 2006-07); Ground No.6: Taxability in the hands of assessee (Indian Branch) of interest and commission aris…

Credit Agricole Corporate and Investments Bank, Mumbai vs. Asst DIT (It) 1(2), Mumbai

ITA 1503/MUM/2014[2008-09]Status: DisposedITAT Mumbai11 Sept 2023AY 2008-09

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.9071/मुं/2010 (िन.व. 2006-07) आअसं.3103/मुं/2014 (िन.व. 2007-08) आअसं.1503/मुं/2014 (िन.व. 2008-09) आअसं.1504/मुं/2014 (िन.व. 2009-10) Credit Agricole Corporate & Investment Bank (Formerly Calyon Bank), 11Th Floor, Hoechst House, Nariman Point, Mumbai – 400 021 Pan: Aaccc-3872-B ...... अपीलाथ"/Appellant बनाम Vs. The Asstt. Director Of Income-Tax (International Taxation)-1(2) Mumbai, 1St Floor, Scindia House, Ballard Pier, Mumbai 400 038 ......"ितवादी/Respondent आअसं.4259/मुं/2014 (िन.व. 2007-08) आअसं.1483/मुं/2014 (िन.व. 2008-09) आअसं.1868/मुं/2014 (िन.व. 2009-10) The Asstt. Director Of Income-Tax (International Taxation)-1(2) Mumbai, 1St Floor, Scindia House, Ballard Pier, Mumbai 400 038. ...... अपीलाथ"/Appellant बनाम Vs. Credit Agricole Corporate & Investment Bank (Formerly Calyon Bank), 11Th Floor, Hoechst House

For Appellant: Shri P.J. Pardiwala, Sr.Advocate gwithFor Respondent: Shri Soumendu Kumar Dash, Sr. AR &
Section 143(3)

…e’s own case for assessment year 2004- 05 dismissed the ground. The Tribunal in assessment year 2003- 04 and 2004- 05 decided the issue against the assessee placing reliance on the decision of Special Bench in the case of Net India Industries Limited vs. ACIT 18 SOT 51. We see no reason to take a different view on parity of facts. Thus, ground no. 4 of appeal is dismissed. Ground No.5: Transfer Pricing Adjustment on interest in respect of call placements and borrowings(Same as ground No.19 in appeal for AY 2006-07); Ground No.6: Taxability in the hands of assessee (Indian Branch) of interest and commission aris…

ADIT (It) 1(2), Mumbai vs. Calyon Bank, Mumbai

ITA 1483/MUM/2014[2008-09]Status: DisposedITAT Mumbai11 Sept 2023AY 2008-09

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.9071/मुं/2010 (िन.व. 2006-07) आअसं.3103/मुं/2014 (िन.व. 2007-08) आअसं.1503/मुं/2014 (िन.व. 2008-09) आअसं.1504/मुं/2014 (िन.व. 2009-10) Credit Agricole Corporate & Investment Bank (Formerly Calyon Bank), 11Th Floor, Hoechst House, Nariman Point, Mumbai – 400 021 Pan: Aaccc-3872-B ...... अपीलाथ"/Appellant बनाम Vs. The Asstt. Director Of Income-Tax (International Taxation)-1(2) Mumbai, 1St Floor, Scindia House, Ballard Pier, Mumbai 400 038 ......"ितवादी/Respondent आअसं.4259/मुं/2014 (िन.व. 2007-08) आअसं.1483/मुं/2014 (िन.व. 2008-09) आअसं.1868/मुं/2014 (िन.व. 2009-10) The Asstt. Director Of Income-Tax (International Taxation)-1(2) Mumbai, 1St Floor, Scindia House, Ballard Pier, Mumbai 400 038. ...... अपीलाथ"/Appellant बनाम Vs. Credit Agricole Corporate & Investment Bank (Formerly Calyon Bank), 11Th Floor, Hoechst House

For Appellant: Shri P.J. Pardiwala, Sr.Advocate gwithFor Respondent: Shri Soumendu Kumar Dash, Sr. AR &
Section 143(3)

…e’s own case for assessment year 2004- 05 dismissed the ground. The Tribunal in assessment year 2003- 04 and 2004- 05 decided the issue against the assessee placing reliance on the decision of Special Bench in the case of Net India Industries Limited vs. ACIT 18 SOT 51. We see no reason to take a different view on parity of facts. Thus, ground no. 4 of appeal is dismissed. Ground No.5: Transfer Pricing Adjustment on interest in respect of call placements and borrowings(Same as ground No.19 in appeal for AY 2006-07); Ground No.6: Taxability in the hands of assessee (Indian Branch) of interest and commission aris…

Credit Agricole Corporate and Investment Bank ( Formerly Calyon Bank), Mumbai vs. ADIT (It) 1(2), Mumbai

ITA 9071/MUM/2010[2006-07]Status: DisposedITAT Mumbai11 Sept 2023AY 2006-07

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.9071/मुं/2010 (िन.व. 2006-07) आअसं.3103/मुं/2014 (िन.व. 2007-08) आअसं.1503/मुं/2014 (िन.व. 2008-09) आअसं.1504/मुं/2014 (िन.व. 2009-10) Credit Agricole Corporate & Investment Bank (Formerly Calyon Bank), 11Th Floor, Hoechst House, Nariman Point, Mumbai – 400 021 Pan: Aaccc-3872-B ...... अपीलाथ"/Appellant बनाम Vs. The Asstt. Director Of Income-Tax (International Taxation)-1(2) Mumbai, 1St Floor, Scindia House, Ballard Pier, Mumbai 400 038 ......"ितवादी/Respondent आअसं.4259/मुं/2014 (िन.व. 2007-08) आअसं.1483/मुं/2014 (िन.व. 2008-09) आअसं.1868/मुं/2014 (िन.व. 2009-10) The Asstt. Director Of Income-Tax (International Taxation)-1(2) Mumbai, 1St Floor, Scindia House, Ballard Pier, Mumbai 400 038. ...... अपीलाथ"/Appellant बनाम Vs. Credit Agricole Corporate & Investment Bank (Formerly Calyon Bank), 11Th Floor, Hoechst House

For Appellant: Shri P.J. Pardiwala, Sr.Advocate gwithFor Respondent: Shri Soumendu Kumar Dash, Sr. AR &
Section 143(3)

…e’s own case for assessment year 2004- 05 dismissed the ground. The Tribunal in assessment year 2003- 04 and 2004- 05 decided the issue against the assessee placing reliance on the decision of Special Bench in the case of Net India Industries Limited vs. ACIT 18 SOT 51. We see no reason to take a different view on parity of facts. Thus, ground no. 4 of appeal is dismissed. Ground No.5: Transfer Pricing Adjustment on interest in respect of call placements and borrowings(Same as ground No.19 in appeal for AY 2006-07); Ground No.6: Taxability in the hands of assessee (Indian Branch) of interest and commission aris…

The Bharuch Dist.Central Co.Op.Bank Ltd., Bharuch vs. The Assistant Commissioner of Income Tax, Circle-1, Bharuch

ITA 641/SRT/2018[2014-15]Status: DisposedITAT Surat23 Jun 2022AY 2014-15

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No.1529 & 1542/AHD/2016 (AY 2009-10) (Hearing in virtual Court) Assistant Commissioner of Bharuch District Central Income-tax, Circle-1, Co-Op. Bank Ltd. Bharuch, Above Bank of JavaharBhavan, Baroda, Station Road, Opp.Shalimar Cinema, Baruch-392001 Station Road, Bharuch- 392001 PAN No: AAABT 0073 E Vs Bharuch Dist. Central Co-Op. Bank Ltd., JavaharBhavan, Addl. Commissioner of Opp. Shalimar Station Road, Income-tax, Bharuch Bharuch-392001 Range, Bharuch Appellant Respond…

The Bharuch Dist.Central Co.Op.Bank Ltd., Bharuch vs. The Assistant Commissioner of Income Tax, Circle-1, Bharuch

ITA 362/SRT/2018[2012-13]Status: DisposedITAT Surat23 Jun 2022AY 2012-13

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No.1529 & 1542/AHD/2016 (AY 2009-10) (Hearing in virtual Court) Assistant Commissioner of Bharuch District Central Income-tax, Circle-1, Co-Op. Bank Ltd. Bharuch, Above Bank of JavaharBhavan, Baroda, Station Road, Opp.Shalimar Cinema, Baruch-392001 Station Road, Bharuch- 392001 PAN No: AAABT 0073 E Vs Bharuch Dist. Central Co-Op. Bank Ltd., JavaharBhavan, Addl. Commissioner of Opp. Shalimar Station Road, Income-tax, Bharuch Bharuch-392001 Range, Bharuch Appellant Respond…

Bharuch District Central Co.-Op. Bank Ltd., Bharuch vs. The Additional Commissioner of Income Tax, Bhaurch Range, Bharuch

ITA 1544/AHD/2016[2011-12]Status: DisposedITAT Surat23 Jun 2022AY 2011-12

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No.1529 & 1542/AHD/2016 (AY 2009-10) (Hearing in virtual Court) Assistant Commissioner of Bharuch District Central Income-tax, Circle-1, Co-Op. Bank Ltd. Bharuch, Above Bank of JavaharBhavan, Baroda, Station Road, Opp.Shalimar Cinema, Baruch-392001 Station Road, Bharuch- 392001 PAN No: AAABT 0073 E Vs Bharuch Dist. Central Co-Op. Bank Ltd., JavaharBhavan, Addl. Commissioner of Opp. Shalimar Station Road, Income-tax, Bharuch Bharuch-392001 Range, Bharuch Appellant Respond…

Bharuch District Central Co.-Op. Bank Ltd., Bharuch vs. The Additional Commissioner of Income Tax, Bhaurch Range, Bharuch

ITA 1543/AHD/2016[2010-11]Status: DisposedITAT Surat23 Jun 2022AY 2010-11

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No.1529 & 1542/AHD/2016 (AY 2009-10) (Hearing in virtual Court) Assistant Commissioner of Bharuch District Central Income-tax, Circle-1, Co-Op. Bank Ltd. Bharuch, Above Bank of JavaharBhavan, Baroda, Station Road, Opp.Shalimar Cinema, Baruch-392001 Station Road, Bharuch- 392001 PAN No: AAABT 0073 E Vs Bharuch Dist. Central Co-Op. Bank Ltd., JavaharBhavan, Addl. Commissioner of Opp. Shalimar Station Road, Income-tax, Bharuch Bharuch-392001 Range, Bharuch Appellant Respond…

Bharuch District Central Co.-Op. Bank Ltd., Bharuch vs. The Additional Commissioner of Income Tax, Bhaurch Range, Bharuch

ITA 1542/AHD/2016[2009-10]Status: DisposedITAT Surat23 Jun 2022AY 2009-10

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No.1529 & 1542/AHD/2016 (AY 2009-10) (Hearing in virtual Court) Assistant Commissioner of Bharuch District Central Income-tax, Circle-1, Co-Op. Bank Ltd. Bharuch, Above Bank of JavaharBhavan, Baroda, Station Road, Opp.Shalimar Cinema, Baruch-392001 Station Road, Bharuch- 392001 PAN No: AAABT 0073 E Vs Bharuch Dist. Central Co-Op. Bank Ltd., JavaharBhavan, Addl. Commissioner of Opp. Shalimar Station Road, Income-tax, Bharuch Bharuch-392001 Range, Bharuch Appellant Respond…

The ACIT, Circle-1, Bharuch vs. Bharuch District Central Co. Op. Bank Ltd., Bharuch

ITA 1531/AHD/2016[2011-12]Status: DisposedITAT Surat23 Jun 2022AY 2011-12

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No.1529 & 1542/AHD/2016 (AY 2009-10) (Hearing in virtual Court) Assistant Commissioner of Bharuch District Central Income-tax, Circle-1, Co-Op. Bank Ltd. Bharuch, Above Bank of JavaharBhavan, Baroda, Station Road, Opp.Shalimar Cinema, Baruch-392001 Station Road, Bharuch- 392001 PAN No: AAABT 0073 E Vs Bharuch Dist. Central Co-Op. Bank Ltd., JavaharBhavan, Addl. Commissioner of Opp. Shalimar Station Road, Income-tax, Bharuch Bharuch-392001 Range, Bharuch Appellant Respond…

The ACIT, Circle-1, Bharuch vs. Bharuch District Central Co. Op. Bank Ltd., Bharuch

ITA 1530/AHD/2016[2010-11]Status: DisposedITAT Surat23 Jun 2022AY 2010-11

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No.1529 & 1542/AHD/2016 (AY 2009-10) (Hearing in virtual Court) Assistant Commissioner of Bharuch District Central Income-tax, Circle-1, Co-Op. Bank Ltd. Bharuch, Above Bank of JavaharBhavan, Baroda, Station Road, Opp.Shalimar Cinema, Baruch-392001 Station Road, Bharuch- 392001 PAN No: AAABT 0073 E Vs Bharuch Dist. Central Co-Op. Bank Ltd., JavaharBhavan, Addl. Commissioner of Opp. Shalimar Station Road, Income-tax, Bharuch Bharuch-392001 Range, Bharuch Appellant Respond…

The ACIT, Circle-1, Bharuch vs. Bharuch District Central Co. Op. Bank Ltd., Bharuch

ITA 1529/AHD/2016[2009-10]Status: DisposedITAT Surat23 Jun 2022AY 2009-10

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No.1529 & 1542/AHD/2016 (AY 2009-10) (Hearing in virtual Court) Assistant Commissioner of Bharuch District Central Income-tax, Circle-1, Co-Op. Bank Ltd. Bharuch, Above Bank of JavaharBhavan, Baroda, Station Road, Opp.Shalimar Cinema, Baruch-392001 Station Road, Bharuch- 392001 PAN No: AAABT 0073 E Vs Bharuch Dist. Central Co-Op. Bank Ltd., JavaharBhavan, Addl. Commissioner of Opp. Shalimar Station Road, Income-tax, Bharuch Bharuch-392001 Range, Bharuch Appellant Respond…

Assistant Commissioner of Income Tax, Circle-1(1), Visakhapatnam vs. The Maharaja Co-Operative Urban Bank Limited, Visakhapatnam

In the result, appeals of the revenue are partly allowed for statistical purpose and the cross objections of the assessee are allowed for statistical purpose

ITA 212/VIZ/2018[2013-14]Status: DisposedITAT Visakhapatnam17 Aug 2018AY 2013-14

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.211 & 212 /Viz/2018 (धििाारण िर्ा/Asst.Years :2012-13 & 2013-14) Asst.Commissioner Of Vs. The Maharaja Co-Operative Income Tax, Urban Bank Ltd. Central Circle-1 49-9-14, Ganta Arcade Visakhapatnam Dwarakanagar Visakhapatnam [Pan : Aaaat4196K] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection Nos. 32 & 33/Viz/2018 Arising Out Of I.T.A.Nos.211 & 212 /Viz/2018 (धििाारण िर्ा/Asst. Years : 2012-13 & 2013-14) The Maharaja Co-Operative Urban Vs. Asst.Commissioner Of Bank Ltd. Income Tax, 49-9-14, Ganta Arcade Central Circle-1 Dwarakanagar Visakhapatnam Visakhapatnam [Pan : Aaaat4196K] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) राजस्व की ओर से/ Revenue By : Shri Deba Kumar Sonowal, Dr निर्ााररती की ओर से/ Assessee By : Shri G.V.N.Hari, Ar सुिवाई की तारीख / Date Of Hearing : 08.08.2018 घोषणा की तारीख/Date Of Pronouncement : 17.08.2018

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri Deba Kumar Sonowal, DR
Section 16Section 40

…Vs. CIT 283 ITR 84. Reliance in this regard is also placed on the decision or Delhi Special Bench in the case or New India Industries Lt 14 ITA Nos.211 & 212/Viz/2018 and CO Nos. 32 & 33/Viz/2018 The Maharaja Cooperative Urban Bank Ltd. Visakhapatnam Vs CLI 18 SOT 51 and jurisdictional Hyderabad Special Bench decision in the case of DCIT Vs. Nagarjuna Investment Trust Ltd. Hon’ble Lucknow Tribunal in the recent decision in the case of Ameerpur District Co-operative Bank Ltd 25 Taxman 306 held that the similar view. Respectfully following all the above decisions I hold that the provision claimed by the assessed…

Assistant Commissioner of Income Tax, Circle-1(1), Visakhapatnam vs. The Maharaja Co-Operative Urban Bank Limited, Visakhapatnam

In the result, appeals of the revenue are partly allowed for statistical purpose and the cross objections of the assessee are allowed for statistical purpose

ITA 211/VIZ/2018[2012-13]Status: DisposedITAT Visakhapatnam17 Aug 2018AY 2012-13

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.211 & 212 /Viz/2018 (धििाारण िर्ा/Asst.Years :2012-13 & 2013-14) Asst.Commissioner Of Vs. The Maharaja Co-Operative Income Tax, Urban Bank Ltd. Central Circle-1 49-9-14, Ganta Arcade Visakhapatnam Dwarakanagar Visakhapatnam [Pan : Aaaat4196K] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection Nos. 32 & 33/Viz/2018 Arising Out Of I.T.A.Nos.211 & 212 /Viz/2018 (धििाारण िर्ा/Asst. Years : 2012-13 & 2013-14) The Maharaja Co-Operative Urban Vs. Asst.Commissioner Of Bank Ltd. Income Tax, 49-9-14, Ganta Arcade Central Circle-1 Dwarakanagar Visakhapatnam Visakhapatnam [Pan : Aaaat4196K] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) राजस्व की ओर से/ Revenue By : Shri Deba Kumar Sonowal, Dr निर्ााररती की ओर से/ Assessee By : Shri G.V.N.Hari, Ar सुिवाई की तारीख / Date Of Hearing : 08.08.2018 घोषणा की तारीख/Date Of Pronouncement : 17.08.2018

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri Deba Kumar Sonowal, DR
Section 16Section 40

…Vs. CIT 283 ITR 84. Reliance in this regard is also placed on the decision or Delhi Special Bench in the case or New India Industries Lt 14 ITA Nos.211 & 212/Viz/2018 and CO Nos. 32 & 33/Viz/2018 The Maharaja Cooperative Urban Bank Ltd. Visakhapatnam Vs CLI 18 SOT 51 and jurisdictional Hyderabad Special Bench decision in the case of DCIT Vs. Nagarjuna Investment Trust Ltd. Hon’ble Lucknow Tribunal in the recent decision in the case of Ameerpur District Co-operative Bank Ltd 25 Taxman 306 held that the similar view. Respectfully following all the above decisions I hold that the provision claimed by the assessed…

The ACIT, Eluru vs. M/S. the District Co - Operative Central Bank Ltd., Eluru

In the result, the appeals filed by the assessee in ITA No

ITA 269/VIZ/2015[2011-12]Status: DisposedITAT Visakhapatnam25 Jan 2018AY 2011-12

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

Section 133ASection 143(1)Section 147Section 148Section 36(1)(v)Section 40A(7)(b)

…ase; (g) RBI norms are not binding on Income-tax Department as per the unambiguous decision of Hon'ble Supreme Court in the case of Southern Technologies and also as held by the Hon'ble Delhi Special Bench in the case of New India Industries Limited Vs. ACIT 18 SOT 51. (h) Overriding nature of section 45Q of RBI Act, it is restricted to the Non Banking Finance Companies only and It is not applicable to the cooperative banks. (i) The Hon'ble Delhi High Court decision in the case of Vasisth Chay Vyapar Limited is distinguishable on facts as the matter on hand before the Hon'ble court was regarding a single debtor…

The District Co-Operative Central Bank Ltd., Eluru vs. The ACIT, Eluru

In the result, the appeals filed by the assessee in ITA No

ITA 524/VIZ/2014[2010-11]Status: DisposedITAT Visakhapatnam25 Jan 2018AY 2010-11

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

Section 133ASection 143(1)Section 147Section 148Section 36(1)(v)Section 40A(7)(b)

…ase; (g) RBI norms are not binding on Income-tax Department as per the unambiguous decision of Hon'ble Supreme Court in the case of Southern Technologies and also as held by the Hon'ble Delhi Special Bench in the case of New India Industries Limited Vs. ACIT 18 SOT 51. (h) Overriding nature of section 45Q of RBI Act, it is restricted to the Non Banking Finance Companies only and It is not applicable to the cooperative banks. (i) The Hon'ble Delhi High Court decision in the case of Vasisth Chay Vyapar Limited is distinguishable on facts as the matter on hand before the Hon'ble court was regarding a single debtor…

The District Co-Operative Central Bank Ltd., Eluru vs. The ACIT, Visakhapatnam

In the result, the appeals filed by the assessee in ITA No

ITA 515/VIZ/2014[2007-08]Status: DisposedITAT Visakhapatnam25 Jan 2018AY 2007-08

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

Section 133ASection 143(1)Section 147Section 148Section 36(1)(v)Section 40A(7)(b)

…ase; (g) RBI norms are not binding on Income-tax Department as per the unambiguous decision of Hon'ble Supreme Court in the case of Southern Technologies and also as held by the Hon'ble Delhi Special Bench in the case of New India Industries Limited Vs. ACIT 18 SOT 51. (h) Overriding nature of section 45Q of RBI Act, it is restricted to the Non Banking Finance Companies only and It is not applicable to the cooperative banks. (i) The Hon'ble Delhi High Court decision in the case of Vasisth Chay Vyapar Limited is distinguishable on facts as the matter on hand before the Hon'ble court was regarding a single debtor…

The ITO, Ward-2, Eluru vs. M/S the District Co-Operative Central Bank Ltd., Eluru

In the result, the appeals filed by the assessee in ITA No

ITA 78/VIZ/2012[2008-09]Status: DisposedITAT Visakhapatnam25 Jan 2018AY 2008-09

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

Section 133ASection 143(1)Section 147Section 148Section 36(1)(v)Section 40A(7)(b)

…ase; (g) RBI norms are not binding on Income-tax Department as per the unambiguous decision of Hon'ble Supreme Court in the case of Southern Technologies and also as held by the Hon'ble Delhi Special Bench in the case of New India Industries Limited Vs. ACIT 18 SOT 51. (h) Overriding nature of section 45Q of RBI Act, it is restricted to the Non Banking Finance Companies only and It is not applicable to the cooperative banks. (i) The Hon'ble Delhi High Court decision in the case of Vasisth Chay Vyapar Limited is distinguishable on facts as the matter on hand before the Hon'ble court was regarding a single debtor…

M/S the District Co-Operative Central Bank Ltd., Eluru vs. The ITO, Ward-2, Eluru

In the result, the appeals filed by the assessee in ITA No

ITA 50/VIZ/2012[2008-09]Status: DisposedITAT Visakhapatnam25 Jan 2018AY 2008-09

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

Section 133ASection 143(1)Section 147Section 148Section 36(1)(v)Section 40A(7)(b)

…ase; (g) RBI norms are not binding on Income-tax Department as per the unambiguous decision of Hon'ble Supreme Court in the case of Southern Technologies and also as held by the Hon'ble Delhi Special Bench in the case of New India Industries Limited Vs. ACIT 18 SOT 51. (h) Overriding nature of section 45Q of RBI Act, it is restricted to the Non Banking Finance Companies only and It is not applicable to the cooperative banks. (i) The Hon'ble Delhi High Court decision in the case of Vasisth Chay Vyapar Limited is distinguishable on facts as the matter on hand before the Hon'ble court was regarding a single debtor…