South Indian Bank Ltd. v. CIT

438 ITR 1Supreme Court of India2021#132 most cited

What is South Indian Bank Ltd. v. CIT authority for?

The mixed fund theory is affirmed, holding that no disallowance of interest expenditure under Section 14A can be made if the assessee possesses sufficient non-interest bearing funds, such as capital and reserves, to cover investments made in tax-free securities.

508

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2011 to 2026.

Also referred to as

South Indian Bank Ltd. v. CIT · South Indian Bank · 438 ITR 1 · Section 14A · disallowance of interest expenditure · mixed fund theory · non-interest bearing funds · tax-free investments · exempt income · Section 8D · expenditure relating to exempt income

Also reported as

130 Taxmann.com 178283 Taxmann 17810 SCC 153228 CTR 440

Sections most often in play

Section 14ASection 143(3)Section 115JBSection 8DSection 153ASection 36(1)(viia)Section 36(1)(vii)Section 36(1)(iii)
Read the full judgment

Issues it is cited on

section 10(33)section 80absection 10(15)section 80msection 54esection 14a(1)section 36(1)(viii)section 54ecsection 14a(2)section 36(1)(vii)disallowance under section 14adisallowance of interest expenditure

Judgments citing South Indian Bank Ltd. v. CIT

The Karur Vysya Bank Ltd., Karur vs. ACIT, Trichy

In the result, appeals filed by the assessee for all assessment years

ITA 930/CHNY/2011[2004-05]Status: DisposedITAT Chennai09 Jun 2023AY 2004-05

Bench: Shri Manjunatha. G & Shri Manomohan Das

For Respondent: Mr. AR.V.Sreenivasan

…ision of ITAT Chennai Benches in the assessee’s own case for AYs 2013-14 reported in 2021 (11) TMI 568 - ITAT Chennai, where the Tribunal by following the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. v. CIT reported in [2021] 438 ITR 1 (SC) held that provisions of Sec.14A of the ITA Nos.902, 903, 905 & 907/Chny/2010 & ITA Nos.930 & 931/Chny/2011 :: 6 :: Act r.w.r.8D of the IT Rules, 1962, is not applicable in the case of banking companies, where the exempt income has been offered as business income. Therefore, he submitted that the additions made by the AO towards estimated d…

The Karur Vysya Bank Ltd., Karur vs. ACIT, Trichy

In the result, appeals filed by the assessee for all assessment years

ITA 907/CHNY/2010[2005-06]Status: DisposedITAT Chennai09 Jun 2023AY 2005-06

Bench: Shri Manjunatha. G & Shri Manomohan Das

For Respondent: Mr. AR.V.Sreenivasan

…ision of ITAT Chennai Benches in the assessee’s own case for AYs 2013-14 reported in 2021 (11) TMI 568 - ITAT Chennai, where the Tribunal by following the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. v. CIT reported in [2021] 438 ITR 1 (SC) held that provisions of Sec.14A of the ITA Nos.902, 903, 905 & 907/Chny/2010 & ITA Nos.930 & 931/Chny/2011 :: 6 :: Act r.w.r.8D of the IT Rules, 1962, is not applicable in the case of banking companies, where the exempt income has been offered as business income. Therefore, he submitted that the additions made by the AO towards estimated d…

The Karur Vysya Bank Ltd., Karur vs. ACIT, Trichy

In the result, appeals filed by the assessee for all assessment years

ITA 905/CHNY/2010[2002-03]Status: DisposedITAT Chennai09 Jun 2023AY 2002-03

Bench: Shri Manjunatha. G & Shri Manomohan Das

For Respondent: Mr. AR.V.Sreenivasan

…ision of ITAT Chennai Benches in the assessee’s own case for AYs 2013-14 reported in 2021 (11) TMI 568 - ITAT Chennai, where the Tribunal by following the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. v. CIT reported in [2021] 438 ITR 1 (SC) held that provisions of Sec.14A of the ITA Nos.902, 903, 905 & 907/Chny/2010 & ITA Nos.930 & 931/Chny/2011 :: 6 :: Act r.w.r.8D of the IT Rules, 1962, is not applicable in the case of banking companies, where the exempt income has been offered as business income. Therefore, he submitted that the additions made by the AO towards estimated d…

The Karur Vysya Bank Ltd., Karur vs. ACIT, Trichy

In the result, appeals filed by the assessee for all assessment years

ITA 903/CHNY/2010[2000-2001]Status: DisposedITAT Chennai09 Jun 2023AY 2000-2001

Bench: Shri Manjunatha. G & Shri Manomohan Das

For Respondent: Mr. AR.V.Sreenivasan

…ision of ITAT Chennai Benches in the assessee’s own case for AYs 2013-14 reported in 2021 (11) TMI 568 - ITAT Chennai, where the Tribunal by following the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. v. CIT reported in [2021] 438 ITR 1 (SC) held that provisions of Sec.14A of the ITA Nos.902, 903, 905 & 907/Chny/2010 & ITA Nos.930 & 931/Chny/2011 :: 6 :: Act r.w.r.8D of the IT Rules, 1962, is not applicable in the case of banking companies, where the exempt income has been offered as business income. Therefore, he submitted that the additions made by the AO towards estimated d…

The Karur Vysya Bank Ltd., Karur vs. ACIT, Trichy

In the result, appeals filed by the assessee for all assessment years

ITA 902/CHNY/2010[1999-2000]Status: DisposedITAT Chennai09 Jun 2023AY 1999-2000

Bench: Shri Manjunatha. G & Shri Manomohan Das

For Respondent: Mr. AR.V.Sreenivasan

…ision of ITAT Chennai Benches in the assessee’s own case for AYs 2013-14 reported in 2021 (11) TMI 568 - ITAT Chennai, where the Tribunal by following the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. v. CIT reported in [2021] 438 ITR 1 (SC) held that provisions of Sec.14A of the ITA Nos.902, 903, 905 & 907/Chny/2010 & ITA Nos.930 & 931/Chny/2011 :: 6 :: Act r.w.r.8D of the IT Rules, 1962, is not applicable in the case of banking companies, where the exempt income has been offered as business income. Therefore, he submitted that the additions made by the AO towards estimated d…

Asst CIT Cir 2(2)(1), Mumbai vs. State Bank of India, Mumbai

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

ITA 4564/MUM/2016[2009-10]Status: DisposedITAT Mumbai06 Jun 2023AY 2009-10

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

For Appellant: S/Shri P.J. Pardiwala a/w Ninad PatadeFor Respondent: Ms. Surabhi Sharma
Section 142(1)Section 143(2)Section 143(3)Section 14ASection 250Section 36(1)Section 36(1)(vii)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA no.3645/Mum./2016 (Assessment Year : 2009–10) State Bank of India Finance Reporting & Taxation Department 3rd Floor, Corporate Centre ……………. Appellant Madam Cama Road, Nariman Point Mumbai 400 021 PAN – AAACS8577K v/s Dy. Commissioner of Income Tax ……………. Respondent Circle–2(2)(1), Mumbai ITA no.4564/Mum./2016 (Assessment Year : 2009–10) Asstt. Commissioner of Income Tax ……………. Appellant Circle–2(2)(1), Mumbai v/s State Bank of India Finance Reporting & Taxat…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

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

ITA 3645/MUM/2016[2009-10]Status: DisposedITAT Mumbai06 Jun 2023AY 2009-10

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

For Appellant: S/Shri P.J. Pardiwala a/w Ninad PatadeFor Respondent: Ms. Surabhi Sharma
Section 142(1)Section 143(2)Section 143(3)Section 14ASection 250Section 36(1)Section 36(1)(vii)Section 36(1)(viia)

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA no.3645/Mum./2016 (Assessment Year : 2009–10) State Bank of India Finance Reporting & Taxation Department 3rd Floor, Corporate Centre ……………. Appellant Madam Cama Road, Nariman Point Mumbai 400 021 PAN – AAACS8577K v/s Dy. Commissioner of Income Tax ……………. Respondent Circle–2(2)(1), Mumbai ITA no.4564/Mum./2016 (Assessment Year : 2009–10) Asstt. Commissioner of Income Tax ……………. Appellant Circle–2(2)(1), Mumbai v/s State Bank of India Finance Reporting & Taxat…

Talbros Automotive Components Ltd, New Delhi vs. ACIT, Circle-25(1), New Delhi

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

ITA 8239/DEL/2018[2014-15]Status: DisposedITAT Delhi23 May 2023AY 2014-15

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kediaआ.अ.सं/.I.T.A No.8239/Del/2018 िनधा"रणवष"/Assessment Year:2014-15 बनाम Talbros Automotive Components Ltd., Acit Vs. 1411 & 1412, Nicholson Road, Circle 25(1), Kashmiri Gate, New Delhi. New Delhi. Pan No. Aaact0265F अपीलाथ" Appellant ""यथ"/Respondent

Section 14A

…I.T.A. No. 8239/Del/2018 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER AND SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER आ.अ.सं/.I.T.A No.8239/Del/2018 िनधा"रणवष"/Assessment Year:2014-15 बनाम Talbros Automotive Components Ltd., ACIT Vs. 1411 & 1412, Nicholson Road, Circle 25(1), Kashmiri Gate, New Delhi. New Delhi. PAN No. AAACT0265F अपीलाथ" Appellant ""यथ"/Respondent Assessee by Shri Pravin Gupta, CA & Shri V.K. Garg, CA Revenue by Shri Kumar Parnav, Sr. DR सुनवाईक"तारीख/ Date of hearing: 16.03.2023 23.05.2023 उ"ोषणाक"तारीख/Pronouncement on आदे…

Ptc India Financial Services Ltd, New Delhi vs. DCIT, Circle- 19(1) & (2), New Delhi

In the result, the appeal filed by the assessee is allowed and the appeal filed by the Revenue is dismissed

ITA 5051/DEL/2017[2012-13]Status: DisposedITAT Delhi09 May 2023AY 2012-13
For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Shri T. Kipgen, CIT DR
Section 143(1)Section 14A

…nts i.e. the shareholders funds available with the Company as on March 31, 20 II was INR 117,196.28 lacs viz-a-viz the investment of INR 42, 110.14 lacs [Refer Page. 1 of PB}. Reliance is placed upon the SC judgment passed in the case- South India Bank [2021] 438 ITR 1 (SC), wherein SC held that if investments is made out of common funds and the assessee has available, non-interest-bearing funds larger than the investments made in tax-free securities then in such cases, disallowance under section 14A cannot be 12 ITA No.4985/Del./2017 ITA No.5051/Del./2017 made [Refer Para 17 and 20 on Page 77c and 77d, respectiv…

M/S. Ptc India Financial Services Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal filed by the assessee is allowed and the appeal filed by the Revenue is dismissed

ITA 4985/DEL/2017[2012-13]Status: DisposedITAT Delhi09 May 2023AY 2012-13
For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Shri T. Kipgen, CIT DR
Section 143(1)Section 14A

…nts i.e. the shareholders funds available with the Company as on March 31, 20 II was INR 117,196.28 lacs viz-a-viz the investment of INR 42, 110.14 lacs [Refer Page. 1 of PB}. Reliance is placed upon the SC judgment passed in the case- South India Bank [2021] 438 ITR 1 (SC), wherein SC held that if investments is made out of common funds and the assessee has available, non-interest-bearing funds larger than the investments made in tax-free securities then in such cases, disallowance under section 14A cannot be 12 ITA No.4985/Del./2017 ITA No.5051/Del./2017 made [Refer Para 17 and 20 on Page 77c and 77d, respectiv…

Jsw Steels Ltd, Mumbai vs. DCIT CC 8(3), Mumbai

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

ITA 2116/MUM/2017[2012-13]Status: DisposedITAT Mumbai04 May 2023AY 2012-13

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

For Appellant: Shri Rishabh Shah a/wFor Respondent: Dr. Yogesh Kumar
Section 115JSection 142(1)Section 143(2)Section 143(3)Section 144C(1)Section 144C(13)Section 144C(5)Section 14ASection 801ASection 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA no.2116/Mum./2017 (Assessment Year : 2012–13) M/s. JSW Steel Ltd. JSW Centre, Bandra Kurla Complex ……………. Appellant Bandra (East), Mumbai 400 051 PAN – AAACJ4323N v/s Dy. Commissioner of Income Tax …………….Respondent Central Circle–8(3), Mumbai Assessee by : Shri Rishabh Shah a/w Shri Gaurav Kabra Revenue by : Dr. Yogesh Kumar Date of Hearing – 29/03/2023 Date of Order – 04/05/2023 O R D E R PER SANDEEP SINGH KARHAIL, J.M. The present appeal has filed by the…

M/S. Icici Bank Ltd ( Erstwhile Icici Ltd), Mumbai vs. The Dy CIT RG 3(1), Mumbai

In the result, both the appeals are partly allowed

ITA 7589/MUM/2007[2001-2002]Status: DisposedITAT Mumbai27 Apr 2023AY 2001-2002
For Appellant: Ms. Aarti VissanjiFor Respondent: Shri K.C. Selvamani
Section 10Section 115JSection 143(2)Section 143(3)Section 14ASection 88

…otal Own and Non-Interest bearing Funds stood at INR 8008.32 Crores, whereas Investment Earning Exempt Income stood at INR 4559.10 Crores only. She also placed reliance upon the judgment of Hon’ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT : 438 ITR 1 (SC) and CIT vs. Reliance Industries Ltd. : 410 ITR 466 (SC). 21. Per contra, the Ld. Departmental Representative relied upon paragraph 5 to 5.30 of the Assessment Order and submitted that admittedly, the Assessee common pool of funds which was utilized for business activities including acquisition of shares. Therefore, the Assessing Officer was j…

Indian Herbs Specialities Pvt. Ltd., Delhi vs. DCIT, Circle- 12(1), New Delhi

The appeal is allowed partly

ITA 505/DEL/2018[2013-14]Status: DisposedITAT Delhi26 Apr 2023AY 2013-14

Bench: Sh. Shamim Yahya & Sh. Anubhav Sharmaa No. 505/Del/2018, A.Y. 2013-14 M/S. Indian Herbs Vs. Dcit, Specialities Pvt. Ltd. Circle-12(1), D-21, Shop No. 2, New Delhi Acharya Niketan, Mayur Vihar Phase-1, Delhi 110092 Pan : Aadci0033P (Appellant) (Respondent)

Section 143(3)Section 14ASection 80I

…and mutual funds were only of Rs. 10,02,41,254/- it was submitted that interest free fund very much available with the assessee and the exceeded their investments relying judgment of Hon’ble Supreme Court of India in South Indian Bank Ltd. vs. CIT reported in 438 ITR 1 (SC) it was submitted that when assessee was investing their own funds proportionate disallowance of interest is not warranted u/s 14A. It was also submitted that complete documentary evidence was furnished before the Ld. Tax Authorities and assessee had around 57 crores available out of sales during the year and the credit balance in the current a…

M/S. Frick India Limited, New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee for A

ITA 850/DEL/2014[2010-11]Status: DisposedITAT Delhi25 Apr 2023AY 2010-11
Section 10(34)Section 143(3)Section 14A

…xempt income. Hence the presumption of availability of own funds theory would certainly come to the rescue of the assessee. This view of ours is further fortified by the recent decision of Hon’ble Supreme Court in the case of South Indian Bank Ltd reported in 438 ITR 1, wherein it was observed as under:- 17. In a situation where the assessee has mixed fund (made up partly of interest free funds and partly of interest-bearing funds) and payment is made out of that mixed fund, the investment must be considered to have been made out of the interest free fund. To put it another way, in respect of payment made out of…

Frick India Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee for A

ITA 1083/DEL/2013[2009-10]Status: DisposedITAT Delhi25 Apr 2023AY 2009-10
Section 10(34)Section 143(3)Section 14A

…xempt income. Hence the presumption of availability of own funds theory would certainly come to the rescue of the assessee. This view of ours is further fortified by the recent decision of Hon’ble Supreme Court in the case of South Indian Bank Ltd reported in 438 ITR 1, wherein it was observed as under:- 17. In a situation where the assessee has mixed fund (made up partly of interest free funds and partly of interest-bearing funds) and payment is made out of that mixed fund, the investment must be considered to have been made out of the interest free fund. To put it another way, in respect of payment made out of…

Asstt. Commissioner of Income-Tax, Central Circle-1, Jaipur vs. M/S Manglam Build Developers Ltd, Jaipur

In the result, the appeal of the Revenue is dismissed

ITA 373/JPR/2022[2013]Status: DisposedITAT Jaipur24 Apr 2023

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri James Kurian (CIT) fu/kZkfjrh dh vksj ls@
Section 133ASection 14A

…आयकरअपीलीय अधिकरण] जयपुरन्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A” JAIPUR MkWa- ,l-lhrky{eh] U;kf;dlnL; ,oa Jh jkBksMdeys'kt;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihy la-@ITA. No. 373/JPR/2022 fu/kZkj.ko"kZ@AssessmentYears : 2013-14 cuke The ACIT, M/s Manglam Build Developers Ltd. 6th Floor, Apex Mall, Tonk Road, Central Circle-1, Vs. Lal Kothi, Jaipur. Jaipur. LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAFCM 4862 Q vihykFkhZ@Appellant izR;FkhZ@Respondent jktLo dh vksj ls@Revenue by : Shri James Kurian (CIT) fu/kZkfjrh…

ADIT (I.T)-3(2), Mumbai vs. M/S. the Bank of Nova Scotia, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 651/MUM/2007[2002-2003]Status: DisposedITAT Mumbai21 Apr 2023AY 2002-2003

Bench: Shri Vikas Awasthy& Shri Amarjit Singh आअसं.6818/मुं/2006 ("न.व. 2002-03) The Bank Of Nova Scotia, Mittal Towers, B-Wing, Nariman Point, Mumbai 400 020. Pan: Aaacb-1536-H ...... अपीलाथ"/Appellant बनाम Vs. Deputy Director Of Income Tax (International Taxation)-3(2), Scindia House, Ballard Pier, Mumbai 400 038. ..... ""तवाद"/Respondent आअसं.651/मुं/2007 ("न.व. 2002-03) Adit(It)-3(2),Mumbai R. No.132, 1St Floor, N.M.Road, Mumbai – 400 038. ...... अपीलाथ"/Appellant बनाम Vs. The Bank Of Nova Scotia, Mittal Towers, B-Wing, Nariman Point, Mumbai 400 020. Pan: Aaacb-1536-H ..... ""तवाद"/Respondent

For Appellant: Shri Nishant Thakkar with Ms. Jasmin AmasadvalaFor Respondent: Shri Soumendu Kumar Dash
Section 14ASection 36(1)(vii)Section 40Section 44C

…levant year, own funds of the assessee were much more than the investment in tax free bonds. Hence, no disallowance u/s. 14A of the Act is warranted. In support his contentions, he placed reliance on the decision in the case of South Indian Bank Ltd. vs. CIT, 438 ITR 1(SC). 6.1 Shri Soumendu Kumar Dash representing the Department vehemently supported the assessment order and prayed for reversing the findings of CIT(A). 6.2 We have heard the submissions made by rival sides and have examined the orders of authorities below. The CIT(A) in the impugned order has given finding of fact that the assessee has surplus i…

M/S. the Bank of Nova Scotia, Mumbai vs. DDIT (I.T) - 3(20, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 6818/MUM/2006[2002-2003]Status: DisposedITAT Mumbai21 Apr 2023AY 2002-2003

Bench: Shri Vikas Awasthy& Shri Amarjit Singh आअसं.6818/मुं/2006 ("न.व. 2002-03) The Bank Of Nova Scotia, Mittal Towers, B-Wing, Nariman Point, Mumbai 400 020. Pan: Aaacb-1536-H ...... अपीलाथ"/Appellant बनाम Vs. Deputy Director Of Income Tax (International Taxation)-3(2), Scindia House, Ballard Pier, Mumbai 400 038. ..... ""तवाद"/Respondent आअसं.651/मुं/2007 ("न.व. 2002-03) Adit(It)-3(2),Mumbai R. No.132, 1St Floor, N.M.Road, Mumbai – 400 038. ...... अपीलाथ"/Appellant बनाम Vs. The Bank Of Nova Scotia, Mittal Towers, B-Wing, Nariman Point, Mumbai 400 020. Pan: Aaacb-1536-H ..... ""तवाद"/Respondent

For Appellant: Shri Nishant Thakkar with Ms. Jasmin AmasadvalaFor Respondent: Shri Soumendu Kumar Dash
Section 14ASection 36(1)(vii)Section 40Section 44C

…levant year, own funds of the assessee were much more than the investment in tax free bonds. Hence, no disallowance u/s. 14A of the Act is warranted. In support his contentions, he placed reliance on the decision in the case of South Indian Bank Ltd. vs. CIT, 438 ITR 1(SC). 6.1 Shri Soumendu Kumar Dash representing the Department vehemently supported the assessment order and prayed for reversing the findings of CIT(A). 6.2 We have heard the submissions made by rival sides and have examined the orders of authorities below. The CIT(A) in the impugned order has given finding of fact that the assessee has surplus i…

Principal Commissioner of Income Tax 9 Kolkata vs. M/S Steel Authority of India Employees Co Operative Credit Society Ltd

In the result, the appeals filed by the revenue are dismissed and the

ITAT/62/2023HC Calcutta10 Apr 2023

Bench: : The Hon’Ble Acting Chief Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 10Th April, 2023 Appearance : Ms. Smita Das De, Adv. …For The Appellant Mr. Saumya Kejriwal, Adv. Mr. G.S. Gupta, Adv. …For The Respondent The Court : We Have Heard Ms. Smita Das De, Learned Standing Counsel For The Appellant & Mr. Saumya Kejriwal, Learned Counsel For The Respondent. There Is A Delay Of 168 Days In Filing These Appeals.

Section 14ASection 260A

…find that the relevant decision on the point has been 4 noted and the case has been decided in favour of the respondent assessee. The issue is fully covered by the decisions of the Supreme Court in the case of South Indian Bank of India Ltd. vs. CIT, (2021) 438 ITR 1 (SC). Thus, the Tribunal rightly answered the said issue in favour of the respondent assessee. In the result, the appeals filed by the revenue are dismissed and the substantial questions of law are answered against the revenue. The stay applications are closed. (T.S. SIVAGNANAM, J.) ACTING CHIEF JUSTICE…

Principal Commissioner of Income Tax 9 Kolkata vs. M/S Steel Authority of India Employees Co Operative Credit Society Ltd

In the result, the appeals filed by the revenue are dismissed and the

ITAT/63/2023HC Calcutta10 Apr 2023

Bench: : The Hon’Ble Acting Chief Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 10Th April, 2023 Appearance : Ms. Smita Das De, Adv. …For The Appellant Mr. Saumya Kejriwal, Adv. Mr. G.S. Gupta, Adv. …For The Respondent The Court : We Have Heard Ms. Smita Das De, Learned Standing Counsel For The Appellant & Mr. Saumya Kejriwal, Learned Counsel For The Respondent. There Is A Delay Of 168 Days In Filing These Appeals.

Section 14ASection 260A

…find that the relevant decision on the point has been 4 noted and the case has been decided in favour of the respondent assessee. The issue is fully covered by the decisions of the Supreme Court in the case of South Indian Bank of India Ltd. vs. CIT, (2021) 438 ITR 1 (SC). Thus, the Tribunal rightly answered the said issue in favour of the respondent assessee. In the result, the appeals filed by the revenue are dismissed and the substantial questions of law are answered against the revenue. The stay applications are closed. (T.S. SIVAGNANAM, J.) ACTING CHIEF JUSTICE…