Southern Technologies Ltd. v. JCIT

320 ITR 577Supreme Court of India2010#216 most cited

What is Southern Technologies Ltd. v. JCIT authority for?

The case concerns the allowability of deductions for provisions made under Section 36 of the Income Tax Act, 1961, especially those related to bad and doubtful debts. It distinguishes such deductions from the recognition of interest income on non-performing assets (NPAs).

353

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2010 to 2026.

Also referred to as

Southern Technologies Ltd. v. JCIT · Section 36 deduction · provision for bad and doubtful debts · Section 36(1)(viia) · Section 36(1)(vii) · allowability of provision · MAT section 115JB · non-performing assets · profits and gains of business or profession · bad debt deduction conditions · Income Tax Act 1961

Sections most often in play

Section 36(1)(vii)Section 14ASection 1961Section 115JBSection 37(1)Section 143(3)Section 36(1)(viia)Section 10(34)
Read the full judgment

Issues it is cited on

section 36(2)(v)section 41(4)section 36(1)(viia)section 36(2)section 36(1)(vii)section 36(1)(viii)section 115jb(2)section 10(34)additional depreciationsection 41section 36(1)profits and gains of business or profession

Judgments citing Southern Technologies Ltd. v. JCIT

West Gujarat Expressway Ltd, Mumbai vs. DCIT 14(3)(2), Mumbai

In the result, the appeal of Revenue is dismissed and that of assessee is allowed

ITA 664/MUM/2015[2010-11]Status: DisposedITAT Mumbai26 May 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Dy. Commissioner Of Income Tax, West Gujarat Expressway Circle 14(3)(1) Ltd. 453 Aayakar Bhavan, M.K. Marg The Il & Fs Financial Centre, Mumbai-400020 Vs. Plot No. C-22, G Block Bkc Complex, Bandra (E) Mumbai-400051 Pin No. Aaacw5862D Appellant .. Respondent West Gujarat Expressway Ltd. Dy. Commissioner Of Income Tax, The Il & Fs Financial Centre, Circle 14(3)(1) Plot No. C-22, G Block Bkc 453 Aayakar Bhavan, M.K. Vs. Complex, Bandra (E) Marg Mumbai-400051 Mumbai-400020 Pin No. Aaacw5862D Appellant .. Respondent

Section 143(3)

…h the landlord in connection with the letting out of such property. The notional interest was not assessable either as business income or as income from house property. Similarly, Hon’ble Supreme Court in the case of Southern Technologies Ltd. vs. JCIT (2010) 320 ITR 577 (SC) has considered the theory of real income. Hon’ble Supreme Court has considered the issue as under:- “37. The point to be noted is that the Income-tax Act is a tax on "real income", i.e., the profits arrived at on commercial principles subject to the provisions of the Income-tax Act. Therefore, if by Explanation to section 36(1)(vii) a provi…

DCIT 14(3)(1), Mumbai vs. West Gujarat Expressway Ltd, Mumbai

In the result, the appeal of Revenue is dismissed and that of assessee is allowed

ITA 634/MUM/2015[2010-11]Status: DisposedITAT Mumbai26 May 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Dy. Commissioner Of Income Tax, West Gujarat Expressway Circle 14(3)(1) Ltd. 453 Aayakar Bhavan, M.K. Marg The Il & Fs Financial Centre, Mumbai-400020 Vs. Plot No. C-22, G Block Bkc Complex, Bandra (E) Mumbai-400051 Pin No. Aaacw5862D Appellant .. Respondent West Gujarat Expressway Ltd. Dy. Commissioner Of Income Tax, The Il & Fs Financial Centre, Circle 14(3)(1) Plot No. C-22, G Block Bkc 453 Aayakar Bhavan, M.K. Vs. Complex, Bandra (E) Marg Mumbai-400051 Mumbai-400020 Pin No. Aaacw5862D Appellant .. Respondent

Section 143(3)

…h the landlord in connection with the letting out of such property. The notional interest was not assessable either as business income or as income from house property. Similarly, Hon’ble Supreme Court in the case of Southern Technologies Ltd. vs. JCIT (2010) 320 ITR 577 (SC) has considered the theory of real income. Hon’ble Supreme Court has considered the issue as under:- “37. The point to be noted is that the Income-tax Act is a tax on "real income", i.e., the profits arrived at on commercial principles subject to the provisions of the Income-tax Act. Therefore, if by Explanation to section 36(1)(vii) a provi…

DCIT, Shimoga vs. M/S Visl Employees Co-Op Bank Ltd., Bhadravathi

In the result, the appeal filed by the revenue is dismissed

ITA 1267/BANG/2016[2008-09]Status: DisposedITAT Bangalore05 May 2017AY 2008-09

Bench: Shri A. K. Garodia & Shri Vijay Pal Rao

For Appellant: Shri Kashinath Kalmath, AdvocateFor Respondent: Shri Jeean J Neetalgi, Standing Counsel

…e CIT(A) erred in coming to the conclusion that the assessee can follow mixed system of accounting. 2 ITA Nos.1267(Bang)2016 4. The CIT(A) failed to appreciate the rationale of decision in the case of Hon’ble SC in Southern Technologies Ltd. Vs JCIT (2010) 320 ITR 577. RBI guidelines are only prudential norms and cannot overrule income recognition as per IT Act. 5. For these and other grounds that may be urged upon, the order of the CT(A) may be reversed and that assessment order be reversed. 6. The appellant craves leave to add, alter, amend or delete any other grounds on or before hearing of the appeal”.…

DCIT, Moradabad vs. M/S. Prathma Bank, Moradabad

In the result, appeal of the department is dismissed

ITA 2924/DEL/2015[2011-12]Status: DisposedITAT Delhi17 Apr 2017AY 2011-12

Bench: Shri Amit Shukla & Shri Prashant Maharishidcit, Vs. Prathma Bank, Range-1, Ramganga Vihar, Moradabad Moradabad Pan: Aaajp0988Q (Appellant) (Respondent)

For Appellant: Shri Vivek Gupta, CAFor Respondent: Smti Sulekha Verma, CIT DR
Section 271(1)(c)Section 32(1)Section 36

…of the average agricultural advances made by its rural branches. The said claim was disallowed by the AO. However, the ld. CIT(A) allowed the claim by following the ratio laid down by the Hon’ble Supreme Court in the case of Southern Technologies Ltd. Vs JCIT 320 ITR 577 (supra) wherein it has been held as under: “Section 36(1)(viia) provides for a deduction in respect of any provision for bad and doubtful debt made by a scheduled bank or non-scheduled bank in relation to advances made by its rural branches, of a sum not exceeding a specified percentage of the aggregate average advances by such branches. Having r…

Rajasthan Explosives & Chemicals Ltd., New Delhi vs. DCIT, Bharatpur

In the result, the revenue’s appeal is dismissed and the appeal of

ITA 842/JPR/2013[2000-01]Status: DisposedITAT Jaipur11 Apr 2017AY 2000-01
For Appellant: Shri Salil Kapoor &For Respondent: Shri R.A. Verma (Addl.CIT)

…he Revenue is that they cannot be claimed as bad debts since the assessee had not obtained the requisite approval from the appropriate authority as per the Foreign Exchange Management Act. The assessee has relied on the case Southern Technologies Ltd. v. JCIT 320 ITR 577 (SC), wherein it was held that the RBI directions of 1998 are merely prudential norms regarding presentation of non-performing assets provision in the balance sheet; they do not touch upon the nature of expense to be decided by the Assessing Officer in the assessment proceedings under the Income Tax Act. Though this judgment is rendered with resp…

M/S. Tinna Finex Ltd., New Delhi vs. ITO, New Delhi

In the result the appeal of the assessee stands allowed for

ITA 6219/DEL/2013[2001-02]Status: DisposedITAT Delhi11 Apr 2017AY 2001-02

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastava

Section 143

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘D’ NEW DELHI BEFORE SHRI N.K. SAINI, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER I.T.A .No. 6219/DEL/2013 ASSESSMENT YEAR-2001-02 Tinna Finex Ltd., ITO, No.11, Wood Villa Lind Avenue, Ward-16(3), Bund Road, Chandan Hola, vs New Delhi. New Delhi-110074 (PAN: AAACT5064C) (APPELLANT) (RESPONDENT) Appellant by Shri Ved Jain, CA Respondent by Shri Umesh Chand Dubey, Sr. DR ORDER PER SUDHANSHU SRIVASTAVA, JM This appeal has been preferred by the assessee against order dated 28/06/2013 passed by the Ld. CIT (Appeals) – 19, New Delhi and p…

Tiruchirapalli District Central Co-Operative Bank Ltd., Chennai vs. ACIT, Trichy

ITA 834/CHNY/2013[2009-10]Status: DisposedITAT Chennai03 Mar 2017AY 2009-10

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.832, 833 & 834/Mds/2013 "नधा"रण वष" / Assessment Years : 2007-08, 2008-09 & 2009-10 M/S Tiruchirapalli District Central The Assistant Commissioner Of Co-Operative Bank Ltd., V. Income Tax, C/O Shri S. Sridhar, Advocate, Circle I(1), New No.14, Old No.82, Flat No.5, Tiruchirapalli. 1St Avenue, Indira Nagar, Adyar, Chennai - 600 020. Pan : Aaaat 5036 C (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT
Section 143(3)Section 263Section 36(1)(ii)Section 36(1)(viia)Section 37(1)Section 43DSection 45Q

…n of Section 36(1)(viia) of the Act and working out the allowable provision for bad and doubtful debts. 7. Insofar as ex-gratia payment was concerned, as per the Ld. CIT(Appeals), by virtue of the judgment of Hon'ble Apex Court in Southern Technologies Ltd. (320 ITR 577), the claim was rightly disallowed. As per Ld. CIT(Appeals), such payments were covered by Section 36(1)(ii) of the Act and therefore, what was not allowable under the said Section could not be allowed under general Section 37(1) of the Act. 8. Now before us, the Ld. AR for the assessee submitted that interest on NPA could not be considered fo…

Tiruchirapalli District Central Co-Operative Bank Ltd., Chennai vs. ACIT, Trichy

ITA 833/CHNY/2013[2008-09]Status: DisposedITAT Chennai03 Mar 2017AY 2008-09

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.832, 833 & 834/Mds/2013 "नधा"रण वष" / Assessment Years : 2007-08, 2008-09 & 2009-10 M/S Tiruchirapalli District Central The Assistant Commissioner Of Co-Operative Bank Ltd., V. Income Tax, C/O Shri S. Sridhar, Advocate, Circle I(1), New No.14, Old No.82, Flat No.5, Tiruchirapalli. 1St Avenue, Indira Nagar, Adyar, Chennai - 600 020. Pan : Aaaat 5036 C (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT
Section 143(3)Section 263Section 36(1)(ii)Section 36(1)(viia)Section 37(1)Section 43DSection 45Q

…n of Section 36(1)(viia) of the Act and working out the allowable provision for bad and doubtful debts. 7. Insofar as ex-gratia payment was concerned, as per the Ld. CIT(Appeals), by virtue of the judgment of Hon'ble Apex Court in Southern Technologies Ltd. (320 ITR 577), the claim was rightly disallowed. As per Ld. CIT(Appeals), such payments were covered by Section 36(1)(ii) of the Act and therefore, what was not allowable under the said Section could not be allowed under general Section 37(1) of the Act. 8. Now before us, the Ld. AR for the assessee submitted that interest on NPA could not be considered fo…

Tiruchirapalli District Central Co-Operative Bank Ltd., Chennai vs. ACIT, Trichy

ITA 832/CHNY/2013[2007-08]Status: DisposedITAT Chennai03 Mar 2017AY 2007-08

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.832, 833 & 834/Mds/2013 "नधा"रण वष" / Assessment Years : 2007-08, 2008-09 & 2009-10 M/S Tiruchirapalli District Central The Assistant Commissioner Of Co-Operative Bank Ltd., V. Income Tax, C/O Shri S. Sridhar, Advocate, Circle I(1), New No.14, Old No.82, Flat No.5, Tiruchirapalli. 1St Avenue, Indira Nagar, Adyar, Chennai - 600 020. Pan : Aaaat 5036 C (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT
Section 143(3)Section 263Section 36(1)(ii)Section 36(1)(viia)Section 37(1)Section 43DSection 45Q

…n of Section 36(1)(viia) of the Act and working out the allowable provision for bad and doubtful debts. 7. Insofar as ex-gratia payment was concerned, as per the Ld. CIT(Appeals), by virtue of the judgment of Hon'ble Apex Court in Southern Technologies Ltd. (320 ITR 577), the claim was rightly disallowed. As per Ld. CIT(Appeals), such payments were covered by Section 36(1)(ii) of the Act and therefore, what was not allowable under the said Section could not be allowed under general Section 37(1) of the Act. 8. Now before us, the Ld. AR for the assessee submitted that interest on NPA could not be considered fo…

ITO 19(3)(2), Mumbai vs. Indian Corporate Loan Securitization Trust 2008 Series 14I, Mumbai

In the result, Revenue’s appeal for A

ITA 4343/MUM/2013[2009-10]Status: DisposedITAT Mumbai17 Feb 2017AY 2009-10

Bench: Shri Jason P. Boaz & Shri Sandeep Goasinindian Corporate Loan Securitisation Income Tax Officer-9(3)(2) Trust- 2008 Series 14 Mumbai C/O. Il & Fs Trust Co. Ltd. Vs. 10Th Floor, “G” Block, Bkc Bandra (E), Mumbai 400051 Pan – Aaati6786P Appellant Respondent Income Tax Officer-(23)1)(2) Indian Corporate Loan [Erstwhile Ito-19(3)(2)] Securitisation Trust- 2008 Series 14 Room No. 108, Matru Mandir Vs. C/O. Il & Fs Trust Co. Ltd. Tardeo Road, Grant Road 10Th Floor, “G” Block, Bkc Mumbai 400007 Bandra (E), Mumbai 400051 Pan – Aaati6786P Appellant Respondent

For Appellant: Shri S.E. Dastur &For Respondent: Shri P.C. Chhotaray

…valid and which was duly reported to the RBI and the RBI has not raised any objections to the securitization. It was also submitted that the reliance placed by Revenue on the decision of the Hon'ble Supreme Court in the case of Southern Technologies vs. JCIT 320 ITR 577 (SC) too is misplaced. It was submitted that, in the quoted case, the Hon'ble Supreme Court was concerned with taxability under the Act of the provision created as per the RBI Directions, whereas in the case on hand, there are allegations of the breach of provisions of the Indian Trusts Act 1882 which was not an issue before the Supreme Court. Th…

Duruva Finance Pvt. Ltd., Chennai vs. DCIT, Chennai

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1713/CHNY/2002[1998-99]Status: DisposedITAT Chennai31 Jan 2017AY 1998-99

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita Nos.1712 & 1713/Mds/2002 "नधा"रण वष" / Assessment Years : 1997-98 & 1998-99 M/S Duruva Finance Pvt. Ltd., C/O Anita Sumanth, D. Anand, N. The Deputy Commissioner Of Muthukumar & Vikram V. Income Tax, Ramakrishnan, Advocates, Company Circle I(2), No.51, Nungambakkam High Rd., Chennai. Chennai - 600 034. Pan : 37-D (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri B. Sahadevan, JCIT
Section 37

…ization charge, according to the Ld. counsel, debited to Profit & Loss account cannot be disallowed while computing the taxable income of the assessee. The High Court, after referring to the judgment of Apex Court in Southern Technologies Ltd. v. JCIT (2010) 320 ITR 577, found that the 3 I.T.A. Nos.1712 & 1713/Mds/02 Madras High Court in TVS Finance and Services Ltd. v. JCIT (2009) 318 ITR 435 and Delhi High Court in CIT v. Virtual Soft Systems Ltd. (2012) 341 ITR 393 found that these are all allowable expenditure under Section 37 of the Income-tax Act, 1961 (in short 'the Act'). According to the Ld. counsel,…

Duruva Finance Pvt. Ltd., Chennai vs. DCIT, Chennai

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1712/CHNY/2002[1997-98]Status: DisposedITAT Chennai31 Jan 2017AY 1997-98

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita Nos.1712 & 1713/Mds/2002 "नधा"रण वष" / Assessment Years : 1997-98 & 1998-99 M/S Duruva Finance Pvt. Ltd., C/O Anita Sumanth, D. Anand, N. The Deputy Commissioner Of Muthukumar & Vikram V. Income Tax, Ramakrishnan, Advocates, Company Circle I(2), No.51, Nungambakkam High Rd., Chennai. Chennai - 600 034. Pan : 37-D (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri B. Sahadevan, JCIT
Section 37

…ization charge, according to the Ld. counsel, debited to Profit & Loss account cannot be disallowed while computing the taxable income of the assessee. The High Court, after referring to the judgment of Apex Court in Southern Technologies Ltd. v. JCIT (2010) 320 ITR 577, found that the 3 I.T.A. Nos.1712 & 1713/Mds/02 Madras High Court in TVS Finance and Services Ltd. v. JCIT (2009) 318 ITR 435 and Delhi High Court in CIT v. Virtual Soft Systems Ltd. (2012) 341 ITR 393 found that these are all allowable expenditure under Section 37 of the Income-tax Act, 1961 (in short 'the Act'). According to the Ld. counsel,…

City Union Bank Limited, Kumbakonam vs. JCIT, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 2035/CHNY/2014[2008-09]Status: DisposedITAT Chennai28 Dec 2016AY 2008-09

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT
Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…आयकरअपील"यअ"धकरण, ’डी’ "यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, CHENNAI "ीचं"पूजार", लेखासद"यएवं"ीजी. पवनकुमार, "या"यकसद"यकेसम# BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER अपीलसं./ I.T.A.Nos.1671, 1801, 1802, 1803 & 1804/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08, 2008-09, 2008-09, 2009-10 & 2010-11 Asst. Commissioner of Income Tax, M/s. City Union Bank Limited, Vs. Circle - I, 149, TSR Big Street, Kumbakonam. Kumbakonam. [PAN: AAACC 1287E] अपीलसं./ I.T.A.Nos.2034 & 2035/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08 &2008-09 M/s. City Unio…

City Union Bank Limited, Kumbakonam vs. JCIT, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 2034/CHNY/2014[2007-08]Status: DisposedITAT Chennai28 Dec 2016AY 2007-08

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT
Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…आयकरअपील"यअ"धकरण, ’डी’ "यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, CHENNAI "ीचं"पूजार", लेखासद"यएवं"ीजी. पवनकुमार, "या"यकसद"यकेसम# BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER अपीलसं./ I.T.A.Nos.1671, 1801, 1802, 1803 & 1804/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08, 2008-09, 2008-09, 2009-10 & 2010-11 Asst. Commissioner of Income Tax, M/s. City Union Bank Limited, Vs. Circle - I, 149, TSR Big Street, Kumbakonam. Kumbakonam. [PAN: AAACC 1287E] अपीलसं./ I.T.A.Nos.2034 & 2035/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08 &2008-09 M/s. City Unio…

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 1804/CHNY/2014[2010-11]Status: DisposedITAT Chennai28 Dec 2016AY 2010-11

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT
Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…आयकरअपील"यअ"धकरण, ’डी’ "यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, CHENNAI "ीचं"पूजार", लेखासद"यएवं"ीजी. पवनकुमार, "या"यकसद"यकेसम# BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER अपीलसं./ I.T.A.Nos.1671, 1801, 1802, 1803 & 1804/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08, 2008-09, 2008-09, 2009-10 & 2010-11 Asst. Commissioner of Income Tax, M/s. City Union Bank Limited, Vs. Circle - I, 149, TSR Big Street, Kumbakonam. Kumbakonam. [PAN: AAACC 1287E] अपीलसं./ I.T.A.Nos.2034 & 2035/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08 &2008-09 M/s. City Unio…

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 1803/CHNY/2014[2009-10]Status: DisposedITAT Chennai28 Dec 2016AY 2009-10

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT
Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…आयकरअपील"यअ"धकरण, ’डी’ "यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, CHENNAI "ीचं"पूजार", लेखासद"यएवं"ीजी. पवनकुमार, "या"यकसद"यकेसम# BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER अपीलसं./ I.T.A.Nos.1671, 1801, 1802, 1803 & 1804/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08, 2008-09, 2008-09, 2009-10 & 2010-11 Asst. Commissioner of Income Tax, M/s. City Union Bank Limited, Vs. Circle - I, 149, TSR Big Street, Kumbakonam. Kumbakonam. [PAN: AAACC 1287E] अपीलसं./ I.T.A.Nos.2034 & 2035/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08 &2008-09 M/s. City Unio…

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 1802/CHNY/2014[2008-09]Status: DisposedITAT Chennai28 Dec 2016AY 2008-09

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT
Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…आयकरअपील"यअ"धकरण, ’डी’ "यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, CHENNAI "ीचं"पूजार", लेखासद"यएवं"ीजी. पवनकुमार, "या"यकसद"यकेसम# BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER अपीलसं./ I.T.A.Nos.1671, 1801, 1802, 1803 & 1804/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08, 2008-09, 2008-09, 2009-10 & 2010-11 Asst. Commissioner of Income Tax, M/s. City Union Bank Limited, Vs. Circle - I, 149, TSR Big Street, Kumbakonam. Kumbakonam. [PAN: AAACC 1287E] अपीलसं./ I.T.A.Nos.2034 & 2035/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08 &2008-09 M/s. City Unio…

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 1801/CHNY/2014[2008-09]Status: DisposedITAT Chennai28 Dec 2016AY 2008-09

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT
Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…आयकरअपील"यअ"धकरण, ’डी’ "यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, CHENNAI "ीचं"पूजार", लेखासद"यएवं"ीजी. पवनकुमार, "या"यकसद"यकेसम# BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER अपीलसं./ I.T.A.Nos.1671, 1801, 1802, 1803 & 1804/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08, 2008-09, 2008-09, 2009-10 & 2010-11 Asst. Commissioner of Income Tax, M/s. City Union Bank Limited, Vs. Circle - I, 149, TSR Big Street, Kumbakonam. Kumbakonam. [PAN: AAACC 1287E] अपीलसं./ I.T.A.Nos.2034 & 2035/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08 &2008-09 M/s. City Unio…

ACIT, Kumbakonam vs. City Union Bank Limited, Kumbakonam

In the result, the appeals filed for the assessment year 2007-08 filed by

ITA 1671/CHNY/2014[2007-08]Status: DisposedITAT Chennai28 Dec 2016AY 2007-08

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri V. Vivekanandan, CIT
Section 143(1)Section 143(2)Section 143(3)Section 148Section 194JSection 195JSection 40A

…आयकरअपील"यअ"धकरण, ’डी’ "यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, CHENNAI "ीचं"पूजार", लेखासद"यएवं"ीजी. पवनकुमार, "या"यकसद"यकेसम# BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER अपीलसं./ I.T.A.Nos.1671, 1801, 1802, 1803 & 1804/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08, 2008-09, 2008-09, 2009-10 & 2010-11 Asst. Commissioner of Income Tax, M/s. City Union Bank Limited, Vs. Circle - I, 149, TSR Big Street, Kumbakonam. Kumbakonam. [PAN: AAACC 1287E] अपीलसं./ I.T.A.Nos.2034 & 2035/Mds/2014 "नधा"रणवष"/ Assessment Year : 2007-08 &2008-09 M/s. City Unio…

Mansi Finance (Chennai) Ltd., Chennai vs. ACIT, Chennai

In the result, both the appeals filed by the assessee are

ITA 1904/CHNY/2016[2005-2006]Status: DisposedITAT Chennai27 Dec 2016AY 2005-2006

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singh

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri Murali Mohan, JCIT
Section 145

…rve Bank of India cannot override the Income-tax Act. The RBI guidelines are only disclosure norms and they are nothing to do with taxable income. Therefore, the CIT(Appeals), by applying the judgment of Apex Court in Southern Technologies Ltd. v JCIT (2010) 320 ITR 577, found that when the assessee was following mercantile system of accounting, the income/interest on the loan has to be recognized. 4. We have considered the rival submissions on either side and perused the relevant material available on record. The Assessing Officer rejected the claim of the assessee on the ground that the Reserve Bank of Indi…