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

DCIT, Circle- 21(1), New Delhi vs. Religare Finvest Ltd., New Delhi

In the result, -Appeal in ITA No

ITA 7553/DEL/2018[2015-16]Status: DisposedITAT Delhi13 Jul 2023AY 2015-16

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…’s claim, but the High Court reversed the order of the CIT(A) and the Tribunal. On appeal by the assessee, Hon’ble 8 Apex Court, while reversing the order of the High Court and referring to its earlier ruling in the case of Southern Technologies Ltd. v. JCIT: 320 ITR 577 held that the credit entry in each and every individual debtor’s account was not necessary to constitute actual write off of bad debts. Hon’ble apex Court explained the impact of Explanation to section 36(1)(vii) and the concept of write off as follows: “To understand the above dichotomy, one must understand ‘how to write off’. If an assessee deb…

Religare Finvest Ltd., New Delhi vs. DCIT, Circle- 21(1), New Delhi

In the result, -Appeal in ITA No

ITA 6116/DEL/2018[2015-16]Status: DisposedITAT Delhi13 Jul 2023AY 2015-16

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…’s claim, but the High Court reversed the order of the CIT(A) and the Tribunal. On appeal by the assessee, Hon’ble 8 Apex Court, while reversing the order of the High Court and referring to its earlier ruling in the case of Southern Technologies Ltd. v. JCIT: 320 ITR 577 held that the credit entry in each and every individual debtor’s account was not necessary to constitute actual write off of bad debts. Hon’ble apex Court explained the impact of Explanation to section 36(1)(vii) and the concept of write off as follows: “To understand the above dichotomy, one must understand ‘how to write off’. If an assessee deb…

Religare Finvest Ltd., New Delhi vs. DCIT, Circle- 21(1), New Delhi

In the result, -Appeal in ITA No

ITA 547/DEL/2018[2013-14]Status: DisposedITAT Delhi13 Jul 2023AY 2013-14

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…’s claim, but the High Court reversed the order of the CIT(A) and the Tribunal. On appeal by the assessee, Hon’ble 8 Apex Court, while reversing the order of the High Court and referring to its earlier ruling in the case of Southern Technologies Ltd. v. JCIT: 320 ITR 577 held that the credit entry in each and every individual debtor’s account was not necessary to constitute actual write off of bad debts. Hon’ble apex Court explained the impact of Explanation to section 36(1)(vii) and the concept of write off as follows: “To understand the above dichotomy, one must understand ‘how to write off’. If an assessee deb…

ACIT (OSD), Circle- 21(1), New Delhi vs. Religare Finvest Ltd., New Delhi

In the result, -Appeal in ITA No

ITA 133/DEL/2018[2014-15]Status: DisposedITAT Delhi13 Jul 2023AY 2014-15

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…’s claim, but the High Court reversed the order of the CIT(A) and the Tribunal. On appeal by the assessee, Hon’ble 8 Apex Court, while reversing the order of the High Court and referring to its earlier ruling in the case of Southern Technologies Ltd. v. JCIT: 320 ITR 577 held that the credit entry in each and every individual debtor’s account was not necessary to constitute actual write off of bad debts. Hon’ble apex Court explained the impact of Explanation to section 36(1)(vii) and the concept of write off as follows: “To understand the above dichotomy, one must understand ‘how to write off’. If an assessee deb…

Religare Finvest Ltd., New Delhi vs. ACIT, Circle- 21(1), New Delhi

In the result, -Appeal in ITA No

ITA 7856/DEL/2017[2014-15]Status: DisposedITAT Delhi13 Jul 2023AY 2014-15

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…’s claim, but the High Court reversed the order of the CIT(A) and the Tribunal. On appeal by the assessee, Hon’ble 8 Apex Court, while reversing the order of the High Court and referring to its earlier ruling in the case of Southern Technologies Ltd. v. JCIT: 320 ITR 577 held that the credit entry in each and every individual debtor’s account was not necessary to constitute actual write off of bad debts. Hon’ble apex Court explained the impact of Explanation to section 36(1)(vii) and the concept of write off as follows: “To understand the above dichotomy, one must understand ‘how to write off’. If an assessee deb…

ACIT, Circle- 21(1), New Delhi vs. Religare Finvest Ltd., New Delhi

In the result, -Appeal in ITA No

ITA 5202/DEL/2017[2012-13]Status: DisposedITAT Delhi13 Jul 2023AY 2012-13

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…’s claim, but the High Court reversed the order of the CIT(A) and the Tribunal. On appeal by the assessee, Hon’ble 8 Apex Court, while reversing the order of the High Court and referring to its earlier ruling in the case of Southern Technologies Ltd. v. JCIT: 320 ITR 577 held that the credit entry in each and every individual debtor’s account was not necessary to constitute actual write off of bad debts. Hon’ble apex Court explained the impact of Explanation to section 36(1)(vii) and the concept of write off as follows: “To understand the above dichotomy, one must understand ‘how to write off’. If an assessee deb…

Religare Finvest Ltd., New Delhi vs. DCIT, Circle- 21(1), New Delhi

In the result, -Appeal in ITA No

ITA 4796/DEL/2017[2012-13]Status: PendingITAT Delhi13 Jul 2023AY 2012-13

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…’s claim, but the High Court reversed the order of the CIT(A) and the Tribunal. On appeal by the assessee, Hon’ble 8 Apex Court, while reversing the order of the High Court and referring to its earlier ruling in the case of Southern Technologies Ltd. v. JCIT: 320 ITR 577 held that the credit entry in each and every individual debtor’s account was not necessary to constitute actual write off of bad debts. Hon’ble apex Court explained the impact of Explanation to section 36(1)(vii) and the concept of write off as follows: “To understand the above dichotomy, one must understand ‘how to write off’. If an assessee deb…

Yes Bank Limited, Mumbai vs. DCIT - 2(2)(2), Mumbai

In the result, both the appeals of the Revenue and assessee he appeals of the Revenue and assessee are allowed partly for statistical purposes

ITA 3501/MUM/2018[2014-15]Status: DisposedITAT Mumbai30 Jun 2023AY 2014-15

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2014-15 Dcit-2(2)(2), M/S Yes Bank Ltd., Room No. 545, 5Th Floor, 9Th Floor, Nehru Centre, Discovery Of Vs. Aayakar Bhavan, India, Dr. Ab Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent Assessment Year: 2014-15 M/S Yes Bank Ltd., Dcit-2(2)(2), 9Th Floor, Nehru Centre, Room No. 545, 5Th Floor, Aayakar Discovery Of India, Dr. Ab Vs. Bhavan, Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent

For Appellant: Mr. Yogesh Thar/Ms. Ayushi ModaniFor Respondent: Dr. Kishor Dhule, DR
Section 14ASection 251

…rity on the ground of mandate by RBI guidelines thereby ignoring the decision of the Supreme Court in the case of ignoring the decision of the Supreme Court in the case of ignoring the decision of the Supreme Court in the case of Southern Technologies v. CIT (320 ITR 577) ?" The honourable Southern Technologies v. CIT (320 ITR 577) ?" The honourable Southern Technologies v. CIT (320 ITR 577) ?" The honourable High Court held as Under : High Court held as Under : 7. As far as question (C) is concerned, we find that an far as question (C) is concerned, we find that an identical question of law was framed and answer…

DCIT-2(2)(2), Mumbai vs. Yes Bank Ltd., Mumbai

In the result, both the appeals of the Revenue and assessee he appeals of the Revenue and assessee are allowed partly for statistical purposes

ITA 3239/MUM/2018[2014-15]Status: DisposedITAT Mumbai30 Jun 2023AY 2014-15

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2014-15 Dcit-2(2)(2), M/S Yes Bank Ltd., Room No. 545, 5Th Floor, 9Th Floor, Nehru Centre, Discovery Of Vs. Aayakar Bhavan, India, Dr. Ab Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent Assessment Year: 2014-15 M/S Yes Bank Ltd., Dcit-2(2)(2), 9Th Floor, Nehru Centre, Room No. 545, 5Th Floor, Aayakar Discovery Of India, Dr. Ab Vs. Bhavan, Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent

For Appellant: Mr. Yogesh Thar/Ms. Ayushi ModaniFor Respondent: Dr. Kishor Dhule, DR
Section 14ASection 251

…rity on the ground of mandate by RBI guidelines thereby ignoring the decision of the Supreme Court in the case of ignoring the decision of the Supreme Court in the case of ignoring the decision of the Supreme Court in the case of Southern Technologies v. CIT (320 ITR 577) ?" The honourable Southern Technologies v. CIT (320 ITR 577) ?" The honourable Southern Technologies v. CIT (320 ITR 577) ?" The honourable High Court held as Under : High Court held as Under : 7. As far as question (C) is concerned, we find that an far as question (C) is concerned, we find that an identical question of law was framed and answer…

M/S Sreelekshmi Cashew Company, Kollam vs. The ITO, Ward 1 & Tps, Kollam

In the result, the appeal by the assessee is dismissed

ITA 879/COCH/2022[2017-18]Status: DisposedITAT Cochin12 Jun 2023AY 2017-18

Bench: Shri Sanjay Arora & Shri Aby T.Varkeysreelekshmi Cashew Company The Income Tax Officer Lekshmi Prabha, Kadappakkada Ward - 1 & Tps, Kollam Vs. Kollam 691008 [Pan:Aazfs1211Q] (Appellant) (Respondent) Appellant By: Shri T.V. Hariharan, Ca Respondent By: Dr. Prasanth V.K., Cit-Dr

For Appellant: Shri T.V. Hariharan, CAFor Respondent: Dr. Prasanth V.K., CIT-DR
Section 139(1)Section 143(3)Section 2(24)(x)Section 263Section 36Section 36(1)(va)Section 37(1)Section 43BSection 44A

…excludes from its ambit, beside others, any expenditure of the nature specified in sections 30 to 36 of the Act. The same represents trite law, explained time and again by the Hon'ble Courts, as recently once again in Southern Technologies Ltd. v. CIT [2010] 320 ITR 577 (SC). True, section 43B is a non- obstante clause, which would therefore apply to a deduction u/s. 36 as well. It is, however, not an enabling, but a disabling provision, which comes into play only where the expenditure under reference is allowable under any other provision of 2 Sreelekshmi Cashew Company vs. Pr. CIT the Act. The condition preced…

Bajaj Finance Limited, Pune vs. The Principal Commissioner of Income Tax-3, Pune

Appeal is allowed in above terms

ITA 544/PUN/2023[2018-19]Status: HeardITAT Pune23 May 2023AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Rao

For Appellant: Mr. Nikhil MuthaFor Respondent: Shri J.P. Chandraker
Section 143(3)Section 263Section 36(1)(vii)Section 43D

…raising following questions for our consideration:- "(i) Whether on the facts and circumstances of the case and in law, the Tribunal was correct in disregarding the judgment of the Hon'ble Supreme Court given in the case of Southern Technologies Ltd Vs. JCIT 320 ITR 577 (SC) which says that provisions of RBI Act cannot override the provision of Section 145 of the Income Tax Act, 1961, since both the Acts operate in different fields and therefore, assessee 7 ITA.No.544/PUN./2023 Bajaj Finance Limited, Pune. cannot recognize interest income on NPA and yet not offer it in Profit and Loss account? (ii) Whether on…

Bajaj Finance Limited, Pune vs. The Principal Commissioner of Income Tax-3, Pune

Appeal is allowed in above terms

ITA 413/PUN/2022[2017-18]Status: DisposedITAT Pune15 May 2023AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

For Appellant: Mr. Percy Pardiwalla &For Respondent: Shri B. Koteswara Rao
Section 143(3)Section 263Section 36Section 36(1)(vii)Section 36(1)(viii)Section 43D

…raising following questions for our consideration:- "(i) Whether on the facts and circumstances of the case and in law, the Tribunal was correct in disregarding the judgment of the Hon'ble Supreme Court given in the case of Southern Technologies Ltd Vs. JCIT 320 ITR 577 (SC) which says that provisions of RBI Act cannot override the provision of Section 145 of the Income Tax Act, 1961, since both the Acts operate in different fields and therefore, assessee cannot recognize interest income on NPA and yet not offer it in Profit and Loss account? (ii) Whether on the facts and in the circumstances of the case and in…

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

…rly mentions that the prescribed accounting treatment does not take into account the applicability of I.T. law and decision of Hon'ble Supreme Court in a recent judgment delivered in January, 2010 in the case of M/s. Southern Technologies Ltd. vs. JCIT (2010) 320 ITR 577 (SC) makes it very clear that RBI Guidelines themselves will not decide taxability of the income. Accordingly, the amount of premium amortized in respect of HTM securities of Rs.155,78,68,968/- is disallowed and added back to the total income. In view of the above discussion the hon'ble ITAT is requested to uphold the addition made by the AO.” 1…

M/S. Canara Bank (Erstwhile Syndicate Bank), Bangalore vs. Deputy Commissioner of Income-Tax, Ltu, Circle-2, Bangalore

In the result, the appeals are partly allowed for statistical purposes

ITA 229/BANG/2023[2013-14]Status: DisposedITAT Bangalore28 Apr 2023AY 2013-14

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

For Appellant: Shri Ananthan S. & Smt. Lalitha R., AdvocatesFor Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Section 115JSection 143(1)Section 143(3)Section 147Section 148Section 36(1)(vii)

…ooks. In both cases, the actual amount written off is reduced from the loans and advances of the bank. The assessee relied on the following decisions:- Vijaya Bank v. CIT (2010) 323 ITR 166 (SC) UCO Bank v. CIT, 240 ITR 355 (SC) Southern Technologies v. CIT, 352 ITR 577(SC) Canara Bank v. DCIT (2022) (1) TMI 124 (Bangalore Trib) in assessee’s own case. 11. It was submitted that the bad debt written off should be first adjusted against the credit balance in the provisions account and only the excess can be claimed as deduction as held in the following cases:- ITA Nos. 227 to 229/Bang/2023 Page 7 of 31 Catholic…

M/S. Canara Bank (Erstwhile Syndicate Bank), Bangalore vs. Assistant Commissioner of Income-Tax, Circle-2(1)(1), Bangalore

In the result, the appeals are partly allowed for statistical purposes

ITA 228/BANG/2023[2012-13]Status: DisposedITAT Bangalore28 Apr 2023AY 2012-13

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

For Appellant: Shri Ananthan S. & Smt. Lalitha R., AdvocatesFor Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Section 115JSection 143(1)Section 143(3)Section 147Section 148Section 36(1)(vii)

…ooks. In both cases, the actual amount written off is reduced from the loans and advances of the bank. The assessee relied on the following decisions:- Vijaya Bank v. CIT (2010) 323 ITR 166 (SC) UCO Bank v. CIT, 240 ITR 355 (SC) Southern Technologies v. CIT, 352 ITR 577(SC) Canara Bank v. DCIT (2022) (1) TMI 124 (Bangalore Trib) in assessee’s own case. 11. It was submitted that the bad debt written off should be first adjusted against the credit balance in the provisions account and only the excess can be claimed as deduction as held in the following cases:- ITA Nos. 227 to 229/Bang/2023 Page 7 of 31 Catholic…

M/S. Canara Bank (Erstwhile Syndicate Bank), Bangalore vs. Assistant Commissioner of Income-Tax, Circle-2(1)(1), Bangalore

In the result, the appeals are partly allowed for statistical purposes

ITA 227/BANG/2023[2011-12]Status: DisposedITAT Bangalore28 Apr 2023AY 2011-12

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

For Appellant: Shri Ananthan S. & Smt. Lalitha R., AdvocatesFor Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Section 115JSection 143(1)Section 143(3)Section 147Section 148Section 36(1)(vii)

…ooks. In both cases, the actual amount written off is reduced from the loans and advances of the bank. The assessee relied on the following decisions:- Vijaya Bank v. CIT (2010) 323 ITR 166 (SC) UCO Bank v. CIT, 240 ITR 355 (SC) Southern Technologies v. CIT, 352 ITR 577(SC) Canara Bank v. DCIT (2022) (1) TMI 124 (Bangalore Trib) in assessee’s own case. 11. It was submitted that the bad debt written off should be first adjusted against the credit balance in the provisions account and only the excess can be claimed as deduction as held in the following cases:- ITA Nos. 227 to 229/Bang/2023 Page 7 of 31 Catholic…

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)

…the individual debts are squared off, the entries in the books of account cannot be accepted as reliable. In coming to this finding the learned CIT (Appeals) relied on the decision of the Hon'ble Apex Court in the case of Southern Technologies Limited (2010) 320 ITR 577 (SC). 5.2.1 Before us, the learned Authorised Representative of the assessee submitted that the assessee bank has written off the debts by debiting the same to the 'Bad Debts Written Off Account' under the GL Code 163301 which is part of the profit and loss account and recoveries made in written off accounts are credited to the profit and loss a…

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

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)

…the individual debts are squared off, the entries in the books of account cannot be accepted as reliable. In coming to this finding the learned CIT (Appeals) relied on the decision of the Hon'ble Apex Court in the case of Southern Technologies Limited (2010) 320 ITR 577 (SC). 5.2.1 Before us, the learned Authorised Representative of the assessee submitted that the assessee bank has written off the debts by debiting the same to the 'Bad Debts Written Off Account' under the GL Code 163301 which is part of the profit and loss account and recoveries made in written off accounts are credited to the profit and loss a…

Deputy Commissioner of Income-Tax, Circle - 8, Pune vs. M/S. Bajaj Finance Ltd, Pune

ITA 1722/PUN/2018[2014-15]Status: DisposedITAT Pune23 Dec 2022AY 2014-15

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Respondent: Assessee by Ms. Vasanti B. Patel
Section 143(3)Section 14ASection 37Section 37(1)

…raising following questions for our consideration:- "(i) Whether on the facts and circumstances of the case and in law, the Tribunal was correct in disregarding the judgment of the Hon'ble Supreme Court given in the case of Southern Technologies Ltd Vs. JCIT 320 ITR 577 (SC) which says that provisions of RBI Act cannot override the provision of Section 145 of the Income Tax Act, 1961, since both the Acts operate in different fields and therefore, assessee cannot recognize interest income on NPA and yet not offer it in Profit and Loss account? (ii) Whether on the facts and in the circumstances of the case and in…

Bajaj Finance Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 8, Pune

ITA 1394/PUN/2018[2014-15]Status: DisposedITAT Pune23 Dec 2022AY 2014-15

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Respondent: Assessee by Ms. Vasanti B. Patel
Section 143(3)Section 14ASection 37Section 37(1)

…raising following questions for our consideration:- "(i) Whether on the facts and circumstances of the case and in law, the Tribunal was correct in disregarding the judgment of the Hon'ble Supreme Court given in the case of Southern Technologies Ltd Vs. JCIT 320 ITR 577 (SC) which says that provisions of RBI Act cannot override the provision of Section 145 of the Income Tax Act, 1961, since both the Acts operate in different fields and therefore, assessee cannot recognize interest income on NPA and yet not offer it in Profit and Loss account? (ii) Whether on the facts and in the circumstances of the case and in…

Southern Technologies Ltd. v. JCIT (320 ITR 577) — Cited in 353 Judgments | BharatTax