How many judgments cite PCIT v. State Bank of Patiala?

228 judgments on BharatTax cite PCIT v. State Bank of Patiala (391 ITR 218), spanning 2015 to 2026.

Which sections of the Income Tax Act does PCIT v. State Bank of Patiala come up under?

It is most often cited in judgments turning on Section 14A, Section 115JB, Section 8D, Section 36(1)(viia), Section 36(1)(vii), Section 143(3).

PCIT v. State Bank of Patiala

391 ITR 218High Court2017#392 most cited

What is PCIT v. State Bank of Patiala authority for?

Income from shares and securities held by banks as stock-in-trade constitutes business income, hence Section 14A disallowance is not attracted. Further, any disallowance under Section 14A cannot exceed the actual amount of exempt income earned by the assessee during the year.

228

judgments rely on this decision, according to BharatTax’s citation analysis of 367,368 Indian tax judgments — from 2015 to 2026.

Also referred to as

PCIT v. State Bank of Patiala · Section 14A disallowance · shares and securities held by bank · stock-in-trade · income from securities business income · disallowance under Section 14A limit · disallowance cannot exceed exempt income · Rule 8D application disallowance · Supreme Court dismissal of SLP · 391 ITR 218

Also reported as

78 Taxmann.com 3259 Taxmann 315

Sections most often in play

Section 14A Section 115JB Section 8D Section 36(1)(viia)Section 36(1)(vii)Section 143(3)Section 90 Section 91

Read the full judgment

Issues it is cited on

section 43d section 36(2)(v)section 36(1)(viii)section 10(34)section 36(1)(viia)interest on securities section 36(2)prohibited by law disallowance under section 14a section 129 section 115jb(2)section 36(1)(vii)

Judgments citing PCIT v. State Bank of Patiala

Idfc First Bank Limited, Chennai vs. ACIT-Corp Circle-2(2), Chennai

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

ITA 776/CHNY/2023[2016-17]Status: DisposedITAT Chennai08 Mar 2024AY 2016-17

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri Niraj Sheth, AdvocateFor Respondent: Shri V. Nandakumar, CIT

Section 1Section 143(3)Section 14A

…king concern is part of their banking business. Hence the income earned through such investments would fall under the head Profits & Gains of business. The Punjab and Haryana High Court, in the case of Pr CIT v. State Bank of Patiala [2017] 88 taxmann.com 667/393 ITR 476 (Punj. & Har.), while adverting to the CBDT Circular, concluded correctly that shares and securities held by a bank are stock-in-trade, and all income received on such shares and securities must be considered to be business income. That is why section 14A would not be attracted to such income. 4. The ld.CIT-DR on the other hand heavily relied on…

Il & Fs Financial Services Limited, Mumbai vs. DCIT-Circle-14(1)(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 3421/MUM/2023[2012-13]Status: DisposedITAT Mumbai26 Feb 2024AY 2012-13

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI AMARJIT SINGH (Accountant Member)

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C ‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER IL & FS Financial Vs. The DCIT, Circle- Services, Plot No. C-22, 14(1)(1), Room No. 432, G-Block The IL & FS Aayakar Bhavan, Financial Centre, Maharishi Karve Road, Bandra Kurla Complex, Mumbai- 400020 Bandra East, Mumbai- 400051 PAN/GIR No.AAACI4805L (Appellant) .. (Respondent) Shri. Bhupal Rapelli Assessee by Revenue by Shri. H.M. Bhatt (Sr. D.R.) Date of Hearing 07/02/2024 Date of Pronouncement 26/02/2024 आदेश आदेश / O R D E R आदेश आदेश PER AMIT SHUKLA (J.M): The aforesa…

ACIT - 14(1)(2), Mumbai vs. Godrej Properties Limited, Mumbai

In the result, the appeal of the assessee is partly allowed and appeal of the revenue is dismissed

ITA 3002/MUM/2023[2015-16]Status: DisposedITAT Mumbai15 Jan 2024AY 2015-16

Bench: Shri Amarjit Singh & Shri Rahul Chaudharygodrej Properties Ltd. Vs. The Dcit, Circle 14(1)(2) M/S Kalyaniwalla & Room No. 455, 4 Th Floor, Mistry Llp, Esplanade Aayakar Bhavan, House, 2Nd Floor, 29, M.K. Road, Hazarimal Somani Marg, Mumbai – 400 020 For, Mumbai – 400001 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacg3995M Appellant .. Respondent Acit-14(1)(2) Vs. Godrej Properties Ltd, Room No. 455, 4 Th Floor, 5Th Floor, Godrej One, Aayakar Bhavan, M.K. Pirojshanagar, Estern Road, Mumbai – 400020 Express Highway, Vikroli (E) Mumbai – 400079 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacg3995M Appellant .. Respondent Appellant By : Yasmin Dastur Respondent By : Kishore Dhule Date Of Hearing 28.12.2023 Date Of Pronouncement 15.01.2024

For Appellant: Yasmin DasturFor Respondent: Kishore Dhule

Section 115JSection 143(2)Section 143(3)Section 14A

…P a g e | 1 ITA No.2994 & 3002/Mum/2023 Godrej Properties Ltd Vs. The DCIT, Circle 14(1)(2) IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, ACCOUNTANT MEMBER & SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER Godrej Properties Ltd. Vs. The DCIT, Circle 14(1)(2) M/s Kalyaniwalla & Room No. 455, 4 th Floor, Mistry LLP, Esplanade Aayakar Bhavan, House, 2nd Floor, 29, M.K. Road, Hazarimal Somani Marg, Mumbai – 400 020 For, Mumbai – 400001 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACG3995M Appellant .. Respondent ACIT-14(1)(2) Vs. Godrej Properties Ltd, Room No. 455, 4 th Floor, 5th Floor, Go…

Godrej Properties Ltd, Mumbai vs. DCIT 14 (1) (2), Mumbai

ITA 2994/MUM/2023[2015-16]Status: DisposedITAT Mumbai15 Jan 2024AY 2015-16

Bench: Shri Amarjit Singh & Shri Rahul Chaudhary

For Appellant: Yasmin DasturFor Respondent: Kishore Dhule

Section 115JSection 143(2)Section 143(3)Section 14A

…Page 1 ITA No.2994 & 3002/Mum/2023 Godrej Properties Ltd Vs. The DCIT, Circle 14(1)(2) IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, ACCOUNTANT MEMBER & SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA No.2994/Mum/2023 (Α.Υ. 2015-16) Godrej Properties Ltd. M/s Kalyaniwalla & Mistry LLP, Esplanade House, 2nd Floor, 29, Hazarimal Somani Marg, For, Mumbai – 400001 Vs. The DCIT, Circle 14(1)(2) Room No. 455, 4th Floor, Aayakar Bhavan, M.K. Road, Mumbai 400 020 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACG3995M Appellant Respondent ITA No.3002/Mum/2023 (A.Y.2015-16) ACIT-14(1)(2) Room No. 4…

Idfc First Bank Limited, Chennai vs. DCIT- Corp Circle 2(2), Chennai

The appeal stand partly allowed in terms of our above order

ITA 607/CHNY/2023[2017-18]Status: DisposedITAT Chennai18 Dec 2023AY 2017-18

Bench: Hon’Ble Shri V. Durga Rao, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.607/Chny/2023 (िनधा"रण वष" / Assessment Year: 2017-18) Idfc First Bank Limited Dcit., (Earlier Known As Idfc Bank Limited) Corporate Circle-2(2), बनाम/ Vs. Krm Tower, 7Th Floor, Chennai. No.1Harrinton Road, Chetpet, Chennai-600 031. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aadci-6523-Q (अपीलाथ"/Appellant) : (!"थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Niraj Sheth (Advocate)- Ld.Ar !"थ"कीओरसे/Respondent By : Shri J.Premanand (Cit)-Ld. Sr. Dr सुनवाईकीतारीख/Date Of Hearing : 12-12-2023 घोषणाकीतारीख /Date Of Pronouncement : 19-12-2023 आदेश / O R D E R Manoj Kumar Aggarwal ()

For Appellant: Shri Niraj Sheth (Advocate)- Ld.ARFor Respondent: Shri J.Premanand (CIT)-Ld. Sr. DR

Section 115JSection 14A

…ing concern is part of their banking business. Hence the income earned through such investments would fall under the head Profits & Gains of business. The Punjab and Haryana High Court, in the case of Pr CIT v. State Bank of Patiala [2017] 88 taxmann.com 667/393 ITR 476 (Punj. & Har.), while adverting to the CBDT Circular, concluded correctly that shares and securities held by a bank are stock-in-trade, and all income received on such shares and securities must be considered to be business income. That is why section 14A would not be attracted to such income. Considering the ratio of aforesaid decision, we direc…

Pr. Commissioner of Income Tax -7, Delhi vs. M/S Punjab and Sind Bank

ITA - 541 / 2023HC Delhi21 Sept 2023

For Respondent: “A. Whether in the facts and circumstances of the case

Section 14A

…ncern is part of their banking business. Hence the income earned through such investments would fall under the head Profits and Gains of business. The Punjab and Haryana High Court, in the case of Pr CIT v. State Bank of Patiala [2017] 88 taxmann.com 667/393 ITR 476 (Punj. & Har.), while advertising to the CBDT Circular, concluded correctly that shares and securities held by a bank are stock-in-trade, and all income received on such shares and securities must be considered to be business income. That is why section 14A would not be attracted to such income”. Digitally Signed By:VAISHALI CHAUHAN Signing…

Aarti Sponge and Power Ltd., Raipur vs. Assistant Commissioner of Income Tax, -1(1), Raipur

In the result appeal of the assessee is partly allowed for statistical purposes

ITA 70/RPR/2023[2013-14]Status: DisposedITAT Raipur20 Sept 2023AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं./Ita No.70/Rpr/2023 िनधा"रण वष" /Assessment Year: 2013-14 V. Aarti Sponge & Power Ltd. Acit -1 (1) Aarti House, Ashoka Ratna Shankar Raipur Nagar, Raipur, Chhattisgarh – 492 001

For Respondent: Sr. D.R

Section 143(3)Section 14ASection 250

…r consideration. ii) It is settled proposition of law that where assessee does not earn any exempt income in a particular year, disallowance u/s 14A cannot be made. For this proposition, we rely on the following decisions:-  CIT Vs. State Bank of Patiala - 393 ITR 476 (2017) (P & H) - SLP against the judgment has been dismissed vide CIT Vs. State Bank of Patiala - (2018) 259 Taxman 314 (SC).  CIT v. Oil Industries Development Board [2019] 103 taxmann.com 325 (Delhi) SLP against the judgment has been dismissed vide CIT Vs. Oil Industry Development Board [2019] 103 taxmann.com 326 (SC).  SLP dismissed in Chet…

Hira Infra-Tek Ltd., Raipur vs. Assistant Commissioner of Income Tax, Circle-1(1), Raipur

In the result, appeal of the assessee is partly allowed for statical purposes, in terms of our aforesaid observations

ITA 77/RPR/2023[2012-13]Status: DisposedITAT Raipur15 Sept 2023AY 2012-13

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं./Ita No.77/Rpr/2023 िनधा"रण वष" /Assessment Year: 2012-13 V. Hira Infra-Tek Limited Acit Hira Arcade Near New Bus Stand, Circle – 1(1) Pandri, Raipur Raipur

For Respondent: Shri Satya Prakash Sharma

Section 143(3)Section 14A

…uted under Rule 8D could be disallowed only if Assessee had actually earned Dividend income in excess of such amount of disallowance. Thus, by following the above decision, the present Tax Case Appeal is dismissed.” (ii) PCIT vs. State Bank of Patiala (2017) 393 ITR 476 (P&H) dated 27.02.2017, wherein Hon’ble Punjab and Haryana High Court has held, extracted as under: :: 9 :: “After hearing learned counsel for the parties, High Court notice that the issue on merits has been decided in favour of the assessee in State Bank of Patiala's case(supra). The amount of disallowance under Section 14A was restricted to the…

Yash Movers (P) Ltd., Kolkata vs. ITO, Ward-7(2), Kol, Kolkata

In the result, the appeal of the assessee is allowed

ITA 601/KOL/2023[2009-10]Status: DisposedITAT Kolkata22 Aug 2023AY 2009-10

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 68

…case of the assessee finds support from the various judicial decisions: i) Joint Investment pvt. Ltd. vs. CIT [2015] 372 ITR 694 (Del) ii) PCIT vs. Caraf Builders & Constructions Pvt. Ltd. [2019] 414 ITR 122(Del) iii) PCIT vs. State Bank of Patiala [2017] 393 ITR 476 (Punjab & Hariyana) We note that the assessee has earned tax free income of Rs. 1,53,600/- and therefore the disallowance cannot exceed the said amount of exempt income. Accordingly we set aside the order of Ld. CIT(A) and direct the AO to restrict the addition of Rs. 1,53,600/- . Consequently ground nos. 5 and 6 are allowed. 8 I.T.A. No.601/Ko…

ACIT, Cir.-29, Kolkata vs. M/S Steel Authority of India Employees Co-Op. Cr. Society Ltd., Kolkata

In the result, the appeal of the revenue is hereby dismissed

ITA 268/KOL/2023[2018-19]Status: DisposedITAT Kolkata09 Aug 2023AY 2018-19

Bench: Dr. Manish Borad & Shri Sonjoy Sarma] I.T.A. No. 268/Kol/2023 Assessment Year : 2018-19 Acit, Circle-29, Kolkata Vs. M/S. Steel Authority Of India Employees Co-Operative Credit Society Limited Pan: Aadas 9699 B Appellant Respondent Date Of Hearing 15.05.2023 Date Of Pronouncement 09.08.2023 For The Assessee Shri S.K. Tulsiyan, Advocate & Mrs. Puja Somani, Ca For The Revenue Smt. Ranu Biswas, Addl. Cit, Dr Order Per Sonjoy Sarma, Jm: The Present Appeal Has Been Preferred By The Revenue Against The Order Dated 20.12.2022 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Revenue Has Raised The Following Grounds Of Appeal:

Section 143(2)Section 144Section 14ASection 250Section 36(1)(ii)Section 80PSection 80P(2)(a)

…decision dated 12.02.2018 had decided a large number of appeals which inter alia included Maxopp Investment Ltd (supra) as well as appeal filed by the Revenue in the case of State Bank of Patiala, decided by the Hon’ble Punjab & Haryana High Court reported in 391 ITR 218 wherein it was held that provisions of Section 14A cannot be applied to shares & securities held as ‘stock-in-trade’ by banking companies in the course of their banking business. It is noted that Revenue’s appeal in the case of State Bank of Patiala was dismissed by the Hon’ble Supreme Court, by holding as under:. 36. There is yet another aspect…

DCIT, Circle-7(1)(1), Mumbai vs. M/S. Mahan Synthetic Textile Pvt Ltd, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 1376/MUM/2023[2013-14]Status: DisposedITAT Mumbai27 Jul 2023AY 2013-14

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

For Appellant: Shri Vipul JainFor Respondent: Smt. Mahita Nair

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 14ASection 250

…ection 14A of the Act granting relief to the extent of Rs. 3,99,53,379. The relevant findings of the learned CIT(A), vide impugned order, are reproduced as under:- “The Hon'ble Punjab & Haryana High Court in the case of Principle CIT vs State Bank of Patila (393 ITR 476) has held that disallowance under section 14A should be restricted to the exempt income earned. The Hon'ble Supreme Court of India in the case of Principle CIT vs. State Bank of Palila Teported as 99 taxmann.com 286 has dismissed the SLP of Revenue in the said case. Similar view has been taken by the Hon'ble Bombay High Court in the case of Princ…

Assistant Commissioner of Income Tax, (Central)-I, Raipur vs. Mesers Chhattisgarh Steel & Power Limited, Raipur

In the result, appeal of the revenue in ITA No

ITA 92/RPR/2020[2013-14]Status: DisposedITAT Raipur18 Jul 2023AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं./Ita Nos.91 & 92/Rpr/2020 "नधा"रण वष" / Assessment Years : 2012-13 & 2013-14 The Assistant Commissioner Of Income Tax, Central Circle-1, Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Chhattisgarh Steel & Power Limited. 142, Sahid Smarak, G.E Road, Raipur (C.G.) Pan : Aaccc7479G ……""यथ" / Respondent

For Appellant: Ms. Puja Bajaj, CAFor Respondent: Shri Piyush Tripathi, Sr. DR

Section 143(2)Section 143(3)Section 14ASection 40

…vestment in exempt income yielding assets, no disallowance could be made u/s 14A of the Act, had drawn support from the following judicial pronouncements: (i) PCIT Vs. Envestor Ventures Ltd. (2021) 431 ITR 221 (Mad.) (ii) PCIT Vs. State Bank of Patiala (2017) 393 ITR 476 (P &H) (iii) HDFC Bank Vs. DCIT (2016) 383 ITR 529 (Bom.) (iv) South Indian Bank Ltd. Vs. CIT (2021) 438 ITR 1 (SC) 17. We have given a thoughtful consideration to the issue in hand, and find that the CIT(Appeals) had categorically observed that the facts and figures which were narrated in the assessee’s balance sheet revealed, viz. (i) that its…

Assistant Commissioner of Income Tax (Central)-I, Raipur vs. Mesers Chhattisgarh Steel & Power Limited, Raipur

In the result, appeal of the revenue in ITA No

ITA 91/RPR/2020[2012-13]Status: DisposedITAT Raipur18 Jul 2023AY 2012-13

For Appellant: Ms. Puja Bajaj, CAFor Respondent: Shri Piyush Tripathi, Sr. DR

Section 143(2)Section 143(3)Section 14ASection 40

Bank of India, Mumbai vs. The Assistant Commissioner of Income Tax-2(1)(1), Mumbai

In the result, appeal of the Revenue is dismissed

ITA 929/MUM/2023[2012-13]Status: DisposedITAT Mumbai28 Jun 2023AY 2012-13

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.929/मुं/ 2023 ("न.व.2012-13) Bank Of India, 8Th Floor, Taxation Department, Star House, C-5, G.Block, Badra –Kurla Complex, Bandra (East), Mumbai 400 051 Pan: Aaacb-0472-C ...... अपीलाथ" /Appellant बनाम Vs. The Asstt. Commissioner Of Income Tax 2(1)(1),Mumbai. Mumbai. ..... ""तवाद"/Respondent आअसं.973/मुं/ 2023 ("न.व.2012-13) The Asstt. Commissioner Of Income Tax 2(1)(1),Mumbai. Mumbai. ...... अपीलाथ" /Appellant बनाम Vs. Bank Of India, 8Th Floor, Taxation Department, Star House, C-5, G.Block, Badra –Kurla Complex, Bandra (East), Mumbai 400 051 Pan: Aaacb-0472-C ..... ""तवाद"/Respondent Assessee By : Shri C. Naresh Revenue By : Shri H.N.Singh, Cit-Dr सुनवाई क" "त"थ/ Date Of Hearing : 27/06/2023 घोषणा क" "त"थ/ Date Of Pronouncement : 28/06/2023

For Appellant: Shri C. NareshFor Respondent: Shri H.N.Singh, CIT-DR

Section 10Section 14ASection 90

…402 ITR 640/[2018] 15 SCC 523. In this matter, the Supreme Court was concerned with a batch of appeals which also included a challenge to the judgment of the Punjab and Haryana High Court Pr. CIT v. State Bank of Patiala [2017] 78 taxmann.com 3/245 Taxman 273/391 ITR 218 and the facts of the said case are para materia to the case in hand. In the case of State Bank of Patiala, (supra) the AO restricted the disallowance to the amount which was claimed as exempt income by applying the formula contained in rule 8-D and holding that section 14A of the Act would be applicable. The CIT(A) issued a notice of enhancement…

Sarva Haryana Gramin Bank, Rohtak vs. ACIT, Rohtak Circle, Rohtak

In the result, the appeal of the assessee is partly allowed

ITA 8736/DEL/2019[2010-11]Status: DisposedITAT Delhi23 May 2023AY 2010-11

Bench: Shri Chandra Mohan Garg & Shri Pradip Kumar Kedia

For Appellant: Shri Naveen Goyal, CAFor Respondent: Ms. Meenakshi Dohre, Sr.DR

Section 143(3)Section 147Section 14ASection 8D(2)(ii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” DELHI BEFORE SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER & SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER I.T.A. No.8736/DEL/2019 Assessment Year 2010-11 Sarva Haryana Gramin Bank, Vs. ACIT (before amalgamation know as Rohtak Circle Haryana Gramin Bank) Rohtak Plot No.1 Sector-3 Rohtak TAN/PAN: AAKAS1464M (AAALH0138G) (Appellant) (Respondent) Appellant by: Shri Naveen Goyal, CA Respondent by: Ms. Meenakshi Dohre, Sr.DR Date of hearing: 27 03 2023 Date of pronouncement: 23 05 2023 O R D E R PER PRADIP KUMAR KEDIA, A.M.: The captioned appeal has been filed by the…

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

…however find merit in the Ld. AR's submissions that in the said judgment, the Hon'ble Supreme Court also extensively dealt with the Revenue's appeal in the case of State Bank of Patiala arising from the decision of the Hon'ble & Haryana High Court reported in 391 ITR 218. In the said judgment the Hon'ble Punjab & Haryana High Court had taken note of the fact that the banking companies in the course of carrying on their banking business were required to hold shares & securities and the expenses were incurred in connection with such banking business and the income therefrom was assessable under the head "Profits &…

Sunder Steels Limited, Hyderabad vs. ITO, Ward-3(4), Hyderabad

In the result, appeal of assessee is allowed in part

ITA 173/HYD/2023[2013-14]Status: DisposedITAT Hyderabad08 May 2023AY 2013-14

For Appellant: Ms. Vaishnavi for Shri Sunil Kumar Jain, ARFor Respondent: Shri A.G.V. Prasad, DR

Section 14A

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “SMC”, HYDERABAD BEFORE SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER आ.अपी.सं / ITA No. 173/Hyd/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) Sunder Steels Limited, Vs. ITO, Ward-3(4), Secunderabad Hyderabad [PAN No. AACCS8222K] अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent निर्धाररती द्वधरध/Assessee by: Ms. Vaishnavi for Shri Sunil Kumar Jain, AR रधजस्‍व द्वधरध/Revenue by: Shri A.G.V. Prasad, DR सुिवधई की तधरीख/Date of hearing: 02/05/2023 घोर्णध की तधरीख/Pronouncement on: 08/05/2023 आदेश / ORDER Aggrieved by the order dat…

Addl/Joint Commissioner of Income Tax (Ltu), Bangalore vs. M/S Vijaya Bank, Bangalore

Accordingly the grounds raised by the revenue is allowed for statistical purposes

ITA 528/BANG/2019[2015-16]Status: DisposedITAT Bangalore25 Apr 2023AY 2015-16

Bench: Shri George George K. & Shri Laxmi Prasad Sahum/S. Bank Of Baroda Vs. Addl. Cit, Ltu, (Erstwhile Vijaya Bank) Bmtc Building 7Th Floor, Central Accounts 6Th Block, Koramangala Bengaluru 560095 Dept., 41/2, M.G. Road Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Acit, Circle - 2(1)(1) Vs. M/S. Bank Of Baroda Room No. 561, 5Th Floor (Erstwhile Vijaya Bank) Aayakar Bhavan 7Th Floor, Central Accounts M.K. Road Dept., 41/2, M.G. Road Mumbai 400020 Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Assessee By: Shri Ananthan, Ca& Smt. Lalitha Rameswaran, Ca Revenue By: Shri G. Manoj Kumar, Cit-Dr Date Of Hearing: 29.03.2023 Date Of Pronouncement: 25.04.2023 M/S. Bank Of Baroda

For Appellant: Shri Ananthan, CA&For Respondent: Shri G. Manoj Kumar, CIT-DR

Section 115JSection 14ASection 194JSection 36Section 36(1)(vii)Section 36(1)(viia)Section 36(1)(viii)

…IN THE INCOME TAX APPELLATE TRIBUNAL BENGALURU “B” BENCH, BENGALURU Before Shri George George K., Judicial Member and Shri Laxmi Prasad Sahu, Accountant Member M/s. Bank of Baroda vs. Addl. CIT, LTU, (erstwhile Vijaya Bank) BMTC Building 7th Floor, Central Accounts 6th Block, Koramangala Bengaluru 560095 Dept., 41/2, M.G. Road Bengaluru 560001 PAN – AAACVO3787 (Appellant) (Respondent) ACIT, Circle - 2(1)(1) vs. M/s. Bank of Baroda Room No. 561, 5th Floor (erstwhile Vijaya Bank) Aayakar Bhavan 7th Floor, Central Accounts M.K. Road Dept., 41/2, M.G. Road Mumbai 400020 Bengaluru 560001 PAN – AAACVO3787 (Appellant) (…

M/S Vijaya Bank, Bangalore vs. Additional Commissioner of Income Tax Ltu, Bangalore

Accordingly the grounds raised by the revenue is allowed for statistical purposes

ITA 321/BANG/2019[2015-16]Status: DisposedITAT Bangalore25 Apr 2023AY 2015-16

For Appellant: Shri Ananthan, CA&For Respondent: Shri G. Manoj Kumar, CIT-DR

Section 115JSection 14ASection 194JSection 36Section 36(1)(vii)Section 36(1)(viia)Section 36(1)(viii)

Assistant Commissioner of Income Tax, Circle - 1(1)(1), Surat vs. Enviro Control Pvt. Ltd., Surat

In the result, the appeal is partly allowed

ITA 307/SRT/2022[2017-18]Status: DisposedITAT Surat18 Jan 2023AY 2017-18

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.274 & 307/Srt/2022 ("नधा"रण वष" /Assessment Years: (2013-14 & 2017-18) (Virtual Court Hearing) Assistant Commissioner Of Enviro Control Pvt. Ltd., Income-Tax, Circle-1(1)(1), Vs. Enviro House, Opp. Bank Of Surat, Room No.108, 1St Floor, Maharshtra, Ghod Dod Road, Surat- Aayakar Bhawan, Majura 395007 Gate, Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 8700 C (Assessee) (Respondent)

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकर अपील सं./ITA No.274 & 307/SRT/2022 ("नधा"रण वष" /Assessment Years: (2013-14 & 2017-18) (Virtual Court Hearing) Assistant Commissioner of Enviro Control Pvt. Ltd., Income-tax, Circle-1(1)(1), Vs. Enviro House, Opp. Bank of Surat, Room No.108, 1st Floor, Maharshtra, Ghod Dod Road, Surat- Aayakar Bhawan, Majura 395007 Gate, Surat "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAACE 8700 C (Assessee) (Respondent) "नधा"रती क" ओर से /Assessee by Shri Ankur A Shah, AR राज"व क" ओर से /Revenue by Shri Vinod Kumar, Sr. DR…