State Bank of Travancore v. ACIT

318 ITR 171Reported decision#3227 most cited

What is State Bank of Travancore v. ACIT authority for?

Investments made by a bank to maintain the Statutory Liquidity Ratio (SLR) mandated by the RBI, which yield tax-free interest, are not subject to disallowance under Section 14A. The mandatory nature of these investments requires their exclusion when computing disallowances.

37

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2025 to 2025.

Also referred to as

State Bank of Travancore v. ACIT · 318 ITR 171 · Section 14A · Statutory Liquidity Ratio · SLR · RBI · mandatory investments · tax-free interest · disallowance

Sections most often in play

Section 115JBSection 115USection 14ASection 244ASection 271(1)(c)Section 36(1)(vii)Section 36(1)(viia)Section 36(1)(viii)

Issues it is cited on

section 50(1)section 80absection 10(15)section 80msection 10(33)section 54esection 70(2)section 54ecsection 14a(1)section 36(1)(viii)long-term capital assetddt

Judgments citing State Bank of Travancore v. ACIT

ACIT-2(3)(1), MUMBAI vs. HDFC BANK LTD ( MERGED ENTITY HDFC INVESTMENTS LIMITED ), MUMBAI

ITA 2980/MUM/2024[2014-15]Status: DisposedITAT Mumbai28 Jan 2025AY 2014-15

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate a

…such securities are mandatory, the same needs to be excluded while computing disallowance under section 14A of the Act. I. 15. In this regard we place reliance on the judgement of Hon'ble Cochin Tribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In the instant case the assessee has derived tax-free interest from bonds and such instruments subscribed for maintaining the Statutory Liquidity Ratio (SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing Officer made disallowance under section 144 in respect of such tax free interest. It was observed that the assessee - b…

ACIT-2(3)(1), MUMBAI vs. HDFC BANK LTD ( MERGED ENTITY HDFC INVESTMENTS LIMITED ), MUMBAI

ITA 2979/MUM/2024[2015-16]Status: DisposedITAT Mumbai28 Jan 2025AY 2015-16

…such securities are mandatory, the same needs to be excluded while \ncomputing disallowance under section 14A of the Act. \n\nI.15. In this regard we place reliance on the judgement of Hon'ble Cochin \nTribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In \nthe instant case the assessee has derived tax-free interest from bonds and \nsuch instruments subscribed for maintaining the Statutory Liquidity Ratio \n(SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing \nOfficer made disallowance under section 144 in respect of such tax free \ninterest. It was observed that the assesse…

HDFC BANK LIMITED( AS SUCCESSOR TO HDFC LTD),MUMBAI vs. DCIT- 2(3)(1), MUMBAI

ITA 2666/MUM/2024[2014-15]Status: DisposedITAT Mumbai28 Jan 2025AY 2014-15

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate andFor Respondent: Shri Biswanath Das, CIT DR

…ts in such securities are mandatory, the same needs to be excluded while computing disallowance under section 14A of the Act. I. 15. In this regard we place reliance on the judgement of Hon'ble Cochin Tribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In the instant case the assessee has derived tax-free interest from bonds and such instruments subscribed for maintaining the Statutory Liquidity Ratio (SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing Officer made disallowance under section 144 in respect of such tax free interest. It was observed that the assessee - bank w…

HDFC BANK LIMITED (AS SUCCESSOR TO HDFC LTD),MUMBAI vs. DCIT 2(3)(1), MUMBAI

ITA 2665/MUM/2024[2015-16]Status: DisposedITAT Mumbai28 Jan 2025AY 2015-16

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

Section 143(3)

…n such securities are mandatory, the same needs to be excluded while computing disallowance under section 14A of the Act. I. 15. In this regard we place reliance on the judgement of Hon'ble Cochin Tribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In the instant case the assessee has derived tax-free interest from bonds and such instruments subscribed for maintaining the Statutory Liquidity Ratio (SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing Officer made disallowance under section 144 in respect of such tax free interest. It was observed that the assessee - b…

ACIT-2(3)(1), MUMBAI vs. HDFC BANK LIMITED (MERGED ENTITY HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED), MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below:\n\nSr

ITA 2597/MUM/2024[2020-21]Status: DisposedITAT Mumbai28 Jan 2025AY 2020-21

…ch securities are mandatory, the same needs to be excluded while \ncomputing disallowance under section 14A of the Act. \n\nI. 15. In this regard we place reliance on the judgement of Hon'ble Cochin \nTribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In \nthe instant case the assessee has derived tax-free interest from bonds and \nsuch instruments subscribed for maintaining the Statutory Liquidity Ratio \n(SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing \nOfficer made disallowance under section 144 in respect of such tax free \ninterest. It was observed that the assesse…

HDFC BANK LTD.,(AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT, CIRCLE-2(3)(1), MUMBAI

ITA 3717/MUM/2023[2020-21]Status: DisposedITAT Mumbai28 Jan 2025AY 2020-21

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate andFor Respondent: Shri Biswanath Das, CIT D

…s in such securities are mandatory, the same needs to be excluded while computing disallowance under section 14A of the Act. I. 15. In this regard we place reliance on the judgement of Hon'ble Cochin Tribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In the instant case the assessee has derived tax-free interest from bonds and such instruments subscribed for maintaining the Statutory Liquidity Ratio (SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing Officer made disallowance under section 144 in respect of such tax free interest. It was observed that the assessee - bank w…

ACIT-1(1)(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., DELHI

ITA 2049/MUM/2023[2016-17]Status: DisposedITAT Mumbai28 Jan 2025AY 2016-17

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

…ents in such securities are mandatory, the same needs to be excluded while computing disallowance under section 14A of the Act. I.15. In this regard we place reliance on the judgement of Hon'ble Cochin Tribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In the instant case the assessee has derived tax-free interest from bonds and such instruments subscribed for maintaining the Statutory Liquidity Ratio (SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing Officer made disallowance under section 144 in respect of such tax free interest. It was observed that the assessee - bank w…

ACIT-1(1)(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., DELHI

ITA 2048/MUM/2023[2019-20]Status: DisposedITAT Mumbai28 Jan 2025AY 2019-20

…ch securities are mandatory, the same needs to be excluded while \ncomputing disallowance under section 14A of the Act. \n\nI. 15. In this regard we place reliance on the judgement of Hon'ble Cochin \nTribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In \nthe instant case the assessee has derived tax-free interest from bonds and \nsuch instruments subscribed for maintaining the Statutory Liquidity Ratio \n(SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing \nOfficer made disallowance under section 144 in respect of such tax free \ninterest. It was observed that the assesse…

ACIT-1(1)(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., DELHI

ITA 2047/MUM/2023[2018-19]Status: DisposedITAT Mumbai28 Jan 2025AY 2018-19

…such securities are mandatory, the same needs to be excluded while \ncomputing disallowance under section 14A of the Act. \nI. 15. In this regard we place reliance on the judgement of Hon'ble Cochin \nTribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In \nthe instant case the assessee has derived tax-free interest from bonds and \nsuch instruments subscribed for maintaining the Statutory Liquidity Ratio \n(SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing \nOfficer made disallowance under section 144 in respect of such tax free \ninterest. It was observed that the assesse…

ACIT-1(1)(1), MUMBAI vs. M/S HOUSING DEVELOPMENT FINANCE CORPORATION LTD, MUMBAI

ITA 2046/MUM/2023[2017-2018]Status: DisposedITAT Mumbai28 Jan 2025AY 2017-2018

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…such securities are mandatory, the same needs to be excluded while computing disallowance under section 14A of the Act. I. 15. In this regard we place reliance on the judgement of Hon'ble Cochin Tribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In the instant case the assessee has derived tax-free interest from bonds and such instruments subscribed for maintaining the Statutory Liquidity Ratio (SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing Officer made disallowance under section 144 in respect of such tax free interest. It was observed that the assessee - b…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD.),MUMBAI vs. ADDL/JT/DY/ACIT/ITO, NFAC, DELHI

ITA 1893/MUM/2023[2019-20]Status: DisposedITAT Mumbai28 Jan 2025AY 2019-20

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…n such securities are mandatory, the same needs to be excluded while computing disallowance under section 14A of the Act. I. 15. In this regard we place reliance on the judgement of Hon'ble Cochin Tribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In the instant case the assessee has derived tax-free interest from bonds and such instruments subscribed for maintaining the Statutory Liquidity Ratio (SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing Officer made disallowance under section 144 in respect of such tax free interest. It was observed that the assessee - b…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD.),MUMBAI vs. ADDL/JT/DY/ACIT/ITO, NFAC , DELHI

ITA 1892/MUM/2023[2018-19]Status: DisposedITAT Mumbai28 Jan 2025AY 2018-19

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…n such securities are mandatory, the same needs to be excluded while computing disallowance under section 14A of the Act. I. 15. In this regard we place reliance on the judgement of Hon'ble Cochin Tribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In the instant case the assessee has derived tax-free interest from bonds and such instruments subscribed for maintaining the Statutory Liquidity Ratio (SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing Officer made disallowance under section 144 in respect of such tax free interest. It was observed that the assessee - b…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD.),MUMBAI vs. DCIT, RANGE-1(1)(2), MUMBAI

ITA 1891/MUM/2023[2017-18]Status: DisposedITAT Mumbai28 Jan 2025AY 2017-18

…ch securities are mandatory, the same needs to be excluded while \ncomputing disallowance under section 14A of the Act. \n\nI. 15. In this regard we place reliance on the judgement of Hon'ble Cochin \nTribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In \nthe instant case the assessee has derived tax-free interest from bonds and \nsuch instruments subscribed for maintaining the Statutory Liquidity Ratio \n(SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing \nOfficer made disallowance under section 144 in respect of such tax free \ninterest. It was observed that the assesse…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD.),MUMBAI vs. DCIT, RANGE-1(1)(2), MUMBAI

ITA 1890/MUM/2023[2016-17]Status: DisposedITAT Mumbai28 Jan 2025AY 2016-17

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi

…such securities are mandatory, the same needs to be excluded while computing disallowance under section 14A of the Act. I. 15. In this regard we place reliance on the judgement of Hon'ble Cochin Tribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In the instant case the assessee has derived tax-free interest from bonds and such instruments subscribed for maintaining the Statutory Liquidity Ratio (SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing Officer made disallowance under section 144 in respect of such tax free interest. It was observed that the assessee - b…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

ITA 5885/MUM/2017[2010-11]Status: DisposedITAT Mumbai28 Jan 2025AY 2010-11

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Ni

…such securities are mandatory, the same needs to be excluded while computing disallowance under section 14A of the Act. I. 15. In this regard we place reliance on the judgement of Hon'ble Cochin Tribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In the instant case the assessee has derived tax-free interest from bonds and such instruments subscribed for maintaining the Statutory Liquidity Ratio (SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing Officer made disallowance under section 144 in respect of such tax free interest. It was observed that the assessee - b…

DCIT RANGE-1(1)(2), MUMBAI vs. HOUSING DEVELOPMENT FINANCE CORPORATION LTD, MUMBAI

ITA 5110/MUM/2017[2013-14]Status: DisposedITAT Mumbai28 Jan 2025AY 2013-14

…ch securities are mandatory, the same needs to be excluded while \ncomputing disallowance under section 14A of the Act. \n\nI. 15. In this regard we place reliance on the judgement of Hon'ble Cochin \nTribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In \nthe instant case the assessee has derived tax-free interest from bonds and \nsuch instruments subscribed for maintaining the Statutory Liquidity Ratio \n(SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing \nOfficer made disallowance under section 144 in respect of such tax free \ninterest. It was observed that the assesse…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RANGE-1(1)(2), MUMBAI

ITA 4983/MUM/2017[2013-14]Status: DisposedITAT Mumbai28 Jan 2025AY 2013-14

…nsuch securities are mandatory, the same needs to be excluded while\ncomputing disallowance under section 14A of the Act.\n\nI. 15. In this regard we place reliance on the judgement of Hon'ble Cochin\nTribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In\nthe instant case the assessee has derived tax-free interest from bonds and\nsuch instruments subscribed for maintaining the Statutory Liquidity Ratio\n(SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing\nOfficer made disallowance under section 144 in respect of such tax free\ninterest. It was observed that the assessee - b…

DCIT - 1(1)(2), MUMBAI vs. HOUSING DEVELOPMENT FINANCE CORPORARTION LTD., MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below: \n\nSr

ITA 2861/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Jan 2025AY 2011-12

…ch securities are mandatory, the same needs to be excluded while \ncomputing disallowance under section 14A of the Act. \n\nI. 15. In this regard we place reliance on the judgement of Hon'ble Cochin \nTribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In \nthe instant case the assessee has derived tax-free interest from bonds and \nsuch instruments subscribed for maintaining the Statutory Liquidity Ratio \n(SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing \nOfficer made disallowance under section 144 in respect of such tax free \ninterest. It was observed that the assesse…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

ITA 2610/MUM/2017[2012-13]Status: DisposedITAT Mumbai28 Jan 2025AY 2012-13

…ch securities are mandatory, the same needs to be excluded while \ncomputing disallowance under section 14A of the Act. \n\nI. 15. In this regard we place reliance on the judgement of Hon'ble Cochin \nTribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In \nthe instant case the assessee has derived tax-free interest from bonds and \nsuch instruments subscribed for maintaining the Statutory Liquidity Ratio \n(SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing \nOfficer made disallowance under section 144 in respect of such tax free \ninterest. It was observed that the assesse…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below: \n\nSr

ITA 2609/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Jan 2025AY 2011-12

…ch securities are mandatory, the same needs to be excluded while \ncomputing disallowance under section 14A of the Act. \n\nI. 15. In this regard we place reliance on the judgement of Hon'ble Cochin \nTribunal in the case of State Bank of Travancore v. ACIT (318 ITR 171). In \nthe instant case the assessee has derived tax-free interest from bonds and \nsuch instruments subscribed for maintaining the Statutory Liquidity Ratio \n(SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing \nOfficer made disallowance under section 144 in respect of such tax free \ninterest. It was observed that the assesse…

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