Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT

286 ITR 491Reported decision#7378 most cited

What is Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT authority for?

Provisions for non-performing assets (NPAs) debited to the profit and loss account are not allowable as deductions under the Income-tax Act, as Reserve Bank of India directives do not override statutory provisions.

15

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2022 to 2024.

Also referred to as

Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT · 286 ITR 491 · provision for NPA · non-performing assets · RBI guidelines · Income-tax Act · allowable deduction · P&L account

Issues it is cited on

section 3asection 36(2)(v)section 4asection 61section 46section 36(2)section 36(1)(viia)section 155section 36(1)(vii)profits and gains of business or professiongross total incomesection 32

Judgments citing Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT

The Andhra Pradesh State Co-Operative Bank Ltd, Vijayawada vs. Assistant Commissioner of Income Tax, Circle-4(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 464/HYD/2023[2010-11]Status: DisposedITAT Hyderabad29 Jul 2024AY 2010-11

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…uidelines in respect of NPAs are not binding in the computation of income under Income Tax Act. Income is to be assessed as per the Income Tax. f) Madras High Court in the case of Tamil Nadu Power and Infrastructure Development Corporation Limited Vs. CIT in 286 ITR 491 held that the provisions ITA Nos.1796/Hyd/2017, 241/Hyd/2018 Page 36 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) for NPAS debited to Profit and loss account is not allowable as directive of RBI may overwrite statutory provisions. g) As per CBDT circular No.18/2015 dated 02.11.2015 and the fact that investments made in pursuant to SLR r…

The Andhra Pradesh State Co-Operative Bank Ltd, Vijayawada vs. Assistant Commissioner of Income Tax, Circle-4(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 463/HYD/2023[2014-15]Status: DisposedITAT Hyderabad29 Jul 2024AY 2014-15

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…uidelines in respect of NPAs are not binding in the computation of income under Income Tax Act. Income is to be assessed as per the Income Tax. f) Madras High Court in the case of Tamil Nadu Power and Infrastructure Development Corporation Limited Vs. CIT in 286 ITR 491 held that the provisions ITA Nos.1796/Hyd/2017, 241/Hyd/2018 Page 36 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) for NPAS debited to Profit and loss account is not allowable as directive of RBI may overwrite statutory provisions. g) As per CBDT circular No.18/2015 dated 02.11.2015 and the fact that investments made in pursuant to SLR r…

The Andhra Pradesh State Co-Operative Bank Ltd, Vijayawada vs. Assistant Commissioner of Income Tax, Circle-4(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 462/HYD/2023[2013-14]Status: DisposedITAT Hyderabad29 Jul 2024AY 2013-14

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…uidelines in respect of NPAs are not binding in the computation of income under Income Tax Act. Income is to be assessed as per the Income Tax. f) Madras High Court in the case of Tamil Nadu Power and Infrastructure Development Corporation Limited Vs. CIT in 286 ITR 491 held that the provisions ITA Nos.1796/Hyd/2017, 241/Hyd/2018 Page 36 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) for NPAS debited to Profit and loss account is not allowable as directive of RBI may overwrite statutory provisions. g) As per CBDT circular No.18/2015 dated 02.11.2015 and the fact that investments made in pursuant to SLR r…

The Andhra Pradesh State Co-Operative Bank Ltd, Vijayawada vs. Assistant Commissioner of Income Tax, Circle-5(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 461/HYD/2023[2012-13]Status: DisposedITAT Hyderabad29 Jul 2024AY 2012-13

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…uidelines in respect of NPAs are not binding in the computation of income under Income Tax Act. Income is to be assessed as per the Income Tax. f) Madras High Court in the case of Tamil Nadu Power and Infrastructure Development Corporation Limited Vs. CIT in 286 ITR 491 held that the provisions ITA Nos.1796/Hyd/2017, 241/Hyd/2018 Page 36 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) for NPAS debited to Profit and loss account is not allowable as directive of RBI may overwrite statutory provisions. g) As per CBDT circular No.18/2015 dated 02.11.2015 and the fact that investments made in pursuant to SLR r…

The Andhra Pradesh State Co-Operative Bank Ltd, Vijayawada vs. Assistant Commissioner of Income Tax, Circle-4(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 460/HYD/2023[2011-12]Status: DisposedITAT Hyderabad29 Jul 2024AY 2011-12

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…uidelines in respect of NPAs are not binding in the computation of income under Income Tax Act. Income is to be assessed as per the Income Tax. f) Madras High Court in the case of Tamil Nadu Power and Infrastructure Development Corporation Limited Vs. CIT in 286 ITR 491 held that the provisions ITA Nos.1796/Hyd/2017, 241/Hyd/2018 Page 36 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) for NPAS debited to Profit and loss account is not allowable as directive of RBI may overwrite statutory provisions. g) As per CBDT circular No.18/2015 dated 02.11.2015 and the fact that investments made in pursuant to SLR r…

The Andhra Pradesh State Co Operative Bank Limited, Hyderabad vs. Asst. Commissioner of Income Tax, Circle-4(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 241/HYD/2018[2009-10]Status: DisposedITAT Hyderabad29 Jul 2024AY 2009-10

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…uidelines in respect of NPAs are not binding in the computation of income under Income Tax Act. Income is to be assessed as per the Income Tax. f) Madras High Court in the case of Tamil Nadu Power and Infrastructure Development Corporation Limited Vs. CIT in 286 ITR 491 held that the provisions ITA Nos.1796/Hyd/2017, 241/Hyd/2018 Page 36 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) for NPAS debited to Profit and loss account is not allowable as directive of RBI may overwrite statutory provisions. g) As per CBDT circular No.18/2015 dated 02.11.2015 and the fact that investments made in pursuant to SLR r…

The Andhra Pradesh State Cooperative Bank Limited, Hyderabad vs. Asst.Commissioner of Income Tax, Circle-5(1), Hyderabad

In the result, the S.As. filed by the assessee are dismissed

ITA 1796/HYD/2017[2008-09]Status: DisposedITAT Hyderabad29 Jul 2024AY 2008-09

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri M.V.Anil Kumar, AdvocateFor Respondent: : Ms. K. Haritha, CIT-DR
Section 36Section 36(1)(vii)Section 36(1)(viia)Section 37

…uidelines in respect of NPAs are not binding in the computation of income under Income Tax Act. Income is to be assessed as per the Income Tax. f) Madras High Court in the case of Tamil Nadu Power and Infrastructure Development Corporation Limited Vs. CIT in 286 ITR 491 held that the provisions ITA Nos.1796/Hyd/2017, 241/Hyd/2018 Page 36 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) for NPAS debited to Profit and loss account is not allowable as directive of RBI may overwrite statutory provisions. g) As per CBDT circular No.18/2015 dated 02.11.2015 and the fact that investments made in pursuant to SLR r…

The Bharuch Dist.Central Co.Op.Bank Ltd., Bharuch vs. The Assistant Commissioner of Income Tax, Circle-1, Bharuch

ITA 641/SRT/2018[2014-15]Status: DisposedITAT Surat23 Jun 2022AY 2014-15

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…ision for NPA are not binding in the computation of income under the Income-tax Act. Income is to be assessed as per the provision of the Income-tax Act. The Madras High Court in the case of Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT 286 ITR 491 - (2006-TIOL- 112-HC-MAD-IT) held that provision for non-performing the assets debited to P & L account is not allowable, as directive of Reserve Bank of India may not override statutory provision. Once the Revenue is accepting that profit arising on the maturity of investment is business income, then it cannot take the stand that it is not stock…

The Bharuch Dist.Central Co.Op.Bank Ltd., Bharuch vs. The Assistant Commissioner of Income Tax, Circle-1, Bharuch

ITA 362/SRT/2018[2012-13]Status: DisposedITAT Surat23 Jun 2022AY 2012-13

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…ision for NPA are not binding in the computation of income under the Income-tax Act. Income is to be assessed as per the provision of the Income-tax Act. The Madras High Court in the case of Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT 286 ITR 491 - (2006-TIOL- 112-HC-MAD-IT) held that provision for non-performing the assets debited to P & L account is not allowable, as directive of Reserve Bank of India may not override statutory provision. Once the Revenue is accepting that profit arising on the maturity of investment is business income, then it cannot take the stand that it is not stock…

Bharuch District Central Co.-Op. Bank Ltd., Bharuch vs. The Additional Commissioner of Income Tax, Bhaurch Range, Bharuch

ITA 1544/AHD/2016[2011-12]Status: DisposedITAT Surat23 Jun 2022AY 2011-12

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…ision for NPA are not binding in the computation of income under the Income-tax Act. Income is to be assessed as per the provision of the Income-tax Act. The Madras High Court in the case of Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT 286 ITR 491 - (2006-TIOL- 112-HC-MAD-IT) held that provision for non-performing the assets debited to P & L account is not allowable, as directive of Reserve Bank of India may not override statutory provision. Once the Revenue is accepting that profit arising on the maturity of investment is business income, then it cannot take the stand that it is not stock…

Bharuch District Central Co.-Op. Bank Ltd., Bharuch vs. The Additional Commissioner of Income Tax, Bhaurch Range, Bharuch

ITA 1543/AHD/2016[2010-11]Status: DisposedITAT Surat23 Jun 2022AY 2010-11

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…ision for NPA are not binding in the computation of income under the Income-tax Act. Income is to be assessed as per the provision of the Income-tax Act. The Madras High Court in the case of Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT 286 ITR 491 - (2006-TIOL- 112-HC-MAD-IT) held that provision for non-performing the assets debited to P & L account is not allowable, as directive of Reserve Bank of India may not override statutory provision. Once the Revenue is accepting that profit arising on the maturity of investment is business income, then it cannot take the stand that it is not stock…

Bharuch District Central Co.-Op. Bank Ltd., Bharuch vs. The Additional Commissioner of Income Tax, Bhaurch Range, Bharuch

ITA 1542/AHD/2016[2009-10]Status: DisposedITAT Surat23 Jun 2022AY 2009-10

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…ision for NPA are not binding in the computation of income under the Income-tax Act. Income is to be assessed as per the provision of the Income-tax Act. The Madras High Court in the case of Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT 286 ITR 491 - (2006-TIOL- 112-HC-MAD-IT) held that provision for non-performing the assets debited to P & L account is not allowable, as directive of Reserve Bank of India may not override statutory provision. Once the Revenue is accepting that profit arising on the maturity of investment is business income, then it cannot take the stand that it is not stock…

The ACIT, Circle-1, Bharuch vs. Bharuch District Central Co. Op. Bank Ltd., Bharuch

ITA 1531/AHD/2016[2011-12]Status: DisposedITAT Surat23 Jun 2022AY 2011-12

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…ision for NPA are not binding in the computation of income under the Income-tax Act. Income is to be assessed as per the provision of the Income-tax Act. The Madras High Court in the case of Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT 286 ITR 491 - (2006-TIOL- 112-HC-MAD-IT) held that provision for non-performing the assets debited to P & L account is not allowable, as directive of Reserve Bank of India may not override statutory provision. Once the Revenue is accepting that profit arising on the maturity of investment is business income, then it cannot take the stand that it is not stock…

The ACIT, Circle-1, Bharuch vs. Bharuch District Central Co. Op. Bank Ltd., Bharuch

ITA 1530/AHD/2016[2010-11]Status: DisposedITAT Surat23 Jun 2022AY 2010-11

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…ision for NPA are not binding in the computation of income under the Income-tax Act. Income is to be assessed as per the provision of the Income-tax Act. The Madras High Court in the case of Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT 286 ITR 491 - (2006-TIOL- 112-HC-MAD-IT) held that provision for non-performing the assets debited to P & L account is not allowable, as directive of Reserve Bank of India may not override statutory provision. Once the Revenue is accepting that profit arising on the maturity of investment is business income, then it cannot take the stand that it is not stock…

The ACIT, Circle-1, Bharuch vs. Bharuch District Central Co. Op. Bank Ltd., Bharuch

ITA 1529/AHD/2016[2009-10]Status: DisposedITAT Surat23 Jun 2022AY 2009-10

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…ision for NPA are not binding in the computation of income under the Income-tax Act. Income is to be assessed as per the provision of the Income-tax Act. The Madras High Court in the case of Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT 286 ITR 491 - (2006-TIOL- 112-HC-MAD-IT) held that provision for non-performing the assets debited to P & L account is not allowable, as directive of Reserve Bank of India may not override statutory provision. Once the Revenue is accepting that profit arising on the maturity of investment is business income, then it cannot take the stand that it is not stock…

Tamilnadu Power & Infrastructure Development Corporation Ltd. v. CIT (286 ITR 491) — Cited in 15 Judgments | BharatTax