R.K. Swamy v. ACIT

88 ITD 185Income Tax Appellate Tribunal2004#9909 most cited

What is R.K. Swamy v. ACIT authority for?

A bank is eligible to claim a deduction for bad debts under section 36(1)(vii) for its advances, even when a provision for bad and doubtful debts is made under section 36(1)(viia), provided the deduction claimed under section 36(1)(vii) is the excess over the credit balance in the provision account.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2019 to 2021.

Also referred to as

R.K. Swamy v. ACIT · 88 ITD 185 · section 36(1)(vii) · section 36(1)(viia) · deduction for bad debts · bank advances · provision for bad debts · rural advances

Judgments citing R.K. Swamy v. ACIT

DCIT, Circle- 2, Meerut vs. Sarva Up Gramin Bank, Meerut

In the result, the appeal of the revenue is dismissed

ITA 3223/DEL/2018[2014-15]Status: DisposedITAT Delhi17 Aug 2021AY 2014-15

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

For Appellant: Shri Vivek Gupta, CAFor Respondent: Ms. Nidhi Srivastava, CIT(DR)
Section 36Section 36(1)Section 36(1)(viia)Section 92C

…essment year 2012-13 has been adjudicated by the ITAT in ITA No. 1937/Del/2016 in assessee’s own case wherein the deduction was allowed taking into consideration, the CBDT Circular No. 421 dated 12.06.1985, UCO Bank Ltd. 237 ITR 889 (SC), Catholic Syrian Bank 88 ITD 185, South Indian Bank 233 CTR 214. Since, the factual matter remains unchanged, in the absence of any other judgment contrary to the facts available on record, the addition made by the revenue is hereby ordered to be deleted. Page 6 of 12 ITA No.-3223/Del/2018. Sarva UP Gramin Bank. 6. For the sake of brevity, the operative portion of the order of t…

ACIT, Chennai vs. Sri. K.Srikanth, Chennai

In the result, all the four appeals adjudicated by us in this order are partly allowed

ITA 1324/CHNY/2012[2001-02]Status: DisposedITAT Chennai19 May 2020AY 2001-02

Bench: Shri George Mathan & Shri Ramit Kochar

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Dr. M.Srinivasa Rao, CIT
Section 143(3)Section 147Section 263

…ght in by Finance Act, 2002 by introducing Section 28(va) are prospective in nature. The learned counsel relied upon decision of tribunal in the case of R. K. Swamy v. ACIT ITA No.307/Chny/2010 & ITA Nos.1015 & 1016/Chny/2012 & :- 61 -: reported in (2004) 88 ITD 185(Chennai-trib.) and decision in the case of G.Raveendran v. CIT reported in (2015)375 ITR 326(Mad. HC) and it was submitted that there was no need to interfere with the orders of the Ld.CIT(A) so far as department appeal is concerned and prayers were made to dismiss the appeal filed by Revenue. It was submitted that there is a separate contract be…

Sri K.Srikanth, Chennai vs. ACIT, Chennai

In the result, all the four appeals adjudicated by us in this order are partly allowed

ITA 1016/CHNY/2012[2001-02]Status: DisposedITAT Chennai19 May 2020AY 2001-02

Bench: Shri George Mathan & Shri Ramit Kochar

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Dr. M.Srinivasa Rao, CIT
Section 143(3)Section 147Section 263

…ght in by Finance Act, 2002 by introducing Section 28(va) are prospective in nature. The learned counsel relied upon decision of tribunal in the case of R. K. Swamy v. ACIT ITA No.307/Chny/2010 & ITA Nos.1015 & 1016/Chny/2012 & :- 61 -: reported in (2004) 88 ITD 185(Chennai-trib.) and decision in the case of G.Raveendran v. CIT reported in (2015)375 ITR 326(Mad. HC) and it was submitted that there was no need to interfere with the orders of the Ld.CIT(A) so far as department appeal is concerned and prayers were made to dismiss the appeal filed by Revenue. It was submitted that there is a separate contract be…

Sri K.Srikanth, Chennai vs. ACIT, Chennai

In the result, all the four appeals adjudicated by us in this order are partly allowed

ITA 1015/CHNY/2012[2001-02]Status: DisposedITAT Chennai19 May 2020AY 2001-02

Bench: Shri George Mathan & Shri Ramit Kochar

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Dr. M.Srinivasa Rao, CIT
Section 143(3)Section 147Section 263

…ght in by Finance Act, 2002 by introducing Section 28(va) are prospective in nature. The learned counsel relied upon decision of tribunal in the case of R. K. Swamy v. ACIT ITA No.307/Chny/2010 & ITA Nos.1015 & 1016/Chny/2012 & :- 61 -: reported in (2004) 88 ITD 185(Chennai-trib.) and decision in the case of G.Raveendran v. CIT reported in (2015)375 ITR 326(Mad. HC) and it was submitted that there was no need to interfere with the orders of the Ld.CIT(A) so far as department appeal is concerned and prayers were made to dismiss the appeal filed by Revenue. It was submitted that there is a separate contract be…

Shri K.Srikanth, Chennai vs. ACIT, Chennai

In the result, all the four appeals adjudicated by us in this order are partly allowed

ITA 307/CHNY/2010[2001-02]Status: DisposedITAT Chennai19 May 2020AY 2001-02

Bench: Shri George Mathan & Shri Ramit Kochar

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Dr. M.Srinivasa Rao, CIT
Section 143(3)Section 147Section 263

…ght in by Finance Act, 2002 by introducing Section 28(va) are prospective in nature. The learned counsel relied upon decision of tribunal in the case of R. K. Swamy v. ACIT ITA No.307/Chny/2010 & ITA Nos.1015 & 1016/Chny/2012 & :- 61 -: reported in (2004) 88 ITD 185(Chennai-trib.) and decision in the case of G.Raveendran v. CIT reported in (2015)375 ITR 326(Mad. HC) and it was submitted that there was no need to interfere with the orders of the Ld.CIT(A) so far as department appeal is concerned and prayers were made to dismiss the appeal filed by Revenue. It was submitted that there is a separate contract be…

DCIT, Meerut vs. M/S Sarva Up Gramin Bank, Meerut

In the result, the appeal of the revenue is dismissed

ITA 2096/DEL/2017[2013-14]Status: DisposedITAT Delhi24 Feb 2020AY 2013-14

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2096/Del/2017 : Asstt. Year : 2013-14 Deputy Commissioner Of Income Vs M/S Sarva Up Gramin Bank, Tax, Circle-2, C-39/5, Jagriti Vihar, Meerut Meerut (Appellant) (Respondent) Pan No. Aacas9891G Assessee By : Sh. Vivek Gupta, Ca Revenue By : Sh. Saras Kumar, Sr. Dr Date Of Hearing: 16.01.2020 Date Of Pronouncement: 24.02.2020

For Appellant: Sh. Vivek Gupta, CAFor Respondent: Sh. Saras Kumar, Sr. DR
Section 143(3)Section 148Section 36(1)(viia)

…essment year 2012-13 has been adjudicated by the ITAT in ITA No. 1937/Del/2016 in assessee’s own case wherein the deduction was allowed taking into consideration, the CBDT Circular No. 421 dated 12.06.1985, UCO Bank Ltd. 237 ITR 889 (SC), Catholic Syrian Bank 88 ITD 185, South Indian Bank 233 CTR 214. Since, the factual matter remains unchanged, in the absence of any other judgment contrary to the facts available on record, the addition made by the revenue is hereby ordered to be deleted. 6. For the sake of brevity, the operative portion of the order of the ITAT in the case of the assessee for the assessment yea…

ACIT, Meerut vs. M/S. Sarva Up Gramin Bank, Meerut

In the result, the appeal of the Revenue is dismissed

ITA 1937/DEL/2016[2012-13]Status: DisposedITAT Delhi18 Dec 2019AY 2012-13

Bench: Sh. Bhavnesh Saini & Dr. B. R. R. Kumar

For Appellant: Sh. Vivek Gupta, CAFor Respondent: Ms. Ashima Neb, Sr. DR
Section 36(1)(viia)

…ce, it aids the uniform and proper administration and application of the provisions of the Act (UCO Bank vs. CIT 237 ITR 889 (SC) followed) 9. We have also gone through the guidelines given by the Supreme Court in the case of DCIT vs. Catholic Syrian Bank 88 ITD 185. In that case, the Hon’ble Court had to consider whether a bank was eligible to claim a deduction for bad debts u/s 36(1)(vii) in respect of its (rural & 40 M/s Sarva UP Gramin Bank urban) advances and also claim a provision for bad and doubtful debts u/s 36(1)(viia) in respect of its rural advances in view of the Proviso to s. 36(1)(vii) which…

Braitrim Uk Ltd, Mumbai vs. DCIT (It) 1(3)(2), Mumbai

In the result, appeal of the assessee in ITA No

ITA 1753/MUM/2015[2011-12]Status: DisposedITAT Mumbai21 Aug 2019AY 2011-12

Bench: Shri G.S. Pannu & Shri Ravish Sood

For Appellant: Shri Percy Pardiwalla &For Respondent: Dr. Narendra Kumar
Section 143(3)Section 147Section 201Section 234Section 234BSection 9

…assessee-company, the assessing authority in the present case cannot take a divergent view. On this aspect of the matter, the learned representative for the assessee relied upon the decision of the Chennai Bench of Tribunal in the case of R.K. Swamy vs. ACIT, 88 ITD 185 (Chennai) for the proposition that the same transaction cannot be characterised differently in the assessments of payer and recipient of income. 11. The learned representative has also countered the observations of DRP in para 9.7 of the order in the instant case regarding no sales having been made to customers other than the manufacturers of ret…

Braitrim Uk Ltd, Mumbai vs. DCIT (It) 1(3)(2), Mumbai

In the result, appeal of the assessee in ITA No

ITA 1752/MUM/2015[2008-09]Status: DisposedITAT Mumbai21 Aug 2019AY 2008-09

Bench: Shri G.S. Pannu & Shri Ravish Sood

For Appellant: Shri Percy Pardiwalla &For Respondent: Dr. Narendra Kumar
Section 143(3)Section 147Section 201Section 234Section 234BSection 9

…assessee-company, the assessing authority in the present case cannot take a divergent view. On this aspect of the matter, the learned representative for the assessee relied upon the decision of the Chennai Bench of Tribunal in the case of R.K. Swamy vs. ACIT, 88 ITD 185 (Chennai) for the proposition that the same transaction cannot be characterised differently in the assessments of payer and recipient of income. 11. The learned representative has also countered the observations of DRP in para 9.7 of the order in the instant case regarding no sales having been made to customers other than the manufacturers of ret…

Braitrim Uk Ltd, Mumbai vs. DCIT (It) 1(3)(2), Mumbai

In the result, appeal of the assessee in ITA No

ITA 1751/MUM/2015[2007-08]Status: DisposedITAT Mumbai21 Aug 2019AY 2007-08

Bench: Shri G.S. Pannu & Shri Ravish Sood

For Appellant: Shri Percy Pardiwalla &For Respondent: Dr. Narendra Kumar
Section 143(3)Section 147Section 201Section 234Section 234BSection 9

…assessee-company, the assessing authority in the present case cannot take a divergent view. On this aspect of the matter, the learned representative for the assessee relied upon the decision of the Chennai Bench of Tribunal in the case of R.K. Swamy vs. ACIT, 88 ITD 185 (Chennai) for the proposition that the same transaction cannot be characterised differently in the assessments of payer and recipient of income. 11. The learned representative has also countered the observations of DRP in para 9.7 of the order in the instant case regarding no sales having been made to customers other than the manufacturers of ret…

Braitrim Uk Ltd, Mumbai vs. DCIT (It) 1(3)(2), Mumbai

In the result, appeal of the assessee in ITA No

ITA 1750/MUM/2015[2006-07]Status: DisposedITAT Mumbai21 Aug 2019AY 2006-07

Bench: Shri G.S. Pannu & Shri Ravish Sood

For Appellant: Shri Percy Pardiwalla &For Respondent: Dr. Narendra Kumar
Section 143(3)Section 147Section 201Section 234Section 234BSection 9

…assessee-company, the assessing authority in the present case cannot take a divergent view. On this aspect of the matter, the learned representative for the assessee relied upon the decision of the Chennai Bench of Tribunal in the case of R.K. Swamy vs. ACIT, 88 ITD 185 (Chennai) for the proposition that the same transaction cannot be characterised differently in the assessments of payer and recipient of income. 11. The learned representative has also countered the observations of DRP in para 9.7 of the order in the instant case regarding no sales having been made to customers other than the manufacturers of ret…

R.K. Swamy v. ACIT (88 ITD 185) — Cited in 11 Judgments | BharatTax