UCO Bank v. CIT

237 ITR 891Reported decision1999#10891 most cited

What is UCO Bank v. CIT authority for?

An assessee is entitled to a deduction based on the provisions of law, irrespective of the existence or absence of entries in its books of account. Preparing accounts in accordance with statutory provisions does not prevent an assessee from claiming tax on real taxable income.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2021.

Also referred to as

UCO Bank v. CIT · 237 ITR 891 · deduction · statutory provisions · books of account · real taxable income · income tax return · assessment

Judgments citing UCO Bank v. CIT

Prism Cement Ltd, Mumbai vs. DCIT CC 6(1), Mumbai

ITA 804/MUM/2018[2012-13]Status: DisposedITAT Mumbai04 Jan 2021AY 2012-13

Bench: Shri C. N. Prasad, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 804 & 805/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2012-13 & 2011-12)

For Appellant: Shri Vijay Mehta, ARFor Respondent: Shri V. Sreekar, DR
Section 115JSection 143(1)Section 143(2)Section 14A

…oving the overburden for reaching the coal seam did not result in any enduring benefit as the process had to be repeated immediately, the expenditure was, therefore, allowable as revenue expenditure. c) In the case of United Commercial Bank -vs.- CIT [(1999) 240 ITR 3551 (SO, the Hon'ble Supreme Court held that whether an assessee is entitled to a particular deduction or not will depend on the provisions of law and not on the existence or absence of entries in the books of account. It was further held that preparation of balance sheet/accounts in accordance with the statutory provisions would not disentitle an a…

Asst CIT 1(2)1, Mumbai vs. Standard Chartered Investments & Loans (India) Ltd, Mumbai

In the result, this ground of appeal is allowed for statistical

ITA 7089/MUM/2016[2007-08]Status: DisposedITAT Mumbai29 Jan 2020AY 2007-08

Bench: Shri Pawan Singh & Shri S. Rifaur Rehman

For Appellant: Shri Dhanesh Bafna with MsFor Respondent: Shri Simi Samant (CIT-DR)
Section 14ASection 254(1)

…h Investments on the principle of Cost or Market Value whichever was lower. It was argued that the securities were held by the assessee-bank as Permanent Investments. Findings 4. We do not find any merit in this argument. In the case of UCO Bank v. CIT [1999] 240 ITR 3551, the assessee-bank had submitted return for assessment year 1982-83 contending that there was a notional loss of Rs. 7.45 crores on account of closing stock of securities valued at market price which fell below the cost. The ITO accepted the said loss vide Assessment order dated 19-3-1985. However, the Commissioner of Income-tax intervened by or…

Standard Chartered Investments & Loans (India) Ltd, Mumbai vs. DCIT 1(3), Mumbai

In the result, this ground of appeal is allowed for statistical

ITA 7070/MUM/2016[2008-09]Status: DisposedITAT Mumbai29 Jan 2020AY 2008-09

Bench: Shri Pawan Singh & Shri S. Rifaur Rehman

For Appellant: Shri Dhanesh Bafna with MsFor Respondent: Shri Simi Samant (CIT-DR)
Section 14ASection 254(1)

…h Investments on the principle of Cost or Market Value whichever was lower. It was argued that the securities were held by the assessee-bank as Permanent Investments. Findings 4. We do not find any merit in this argument. In the case of UCO Bank v. CIT [1999] 240 ITR 3551, the assessee-bank had submitted return for assessment year 1982-83 contending that there was a notional loss of Rs. 7.45 crores on account of closing stock of securities valued at market price which fell below the cost. The ITO accepted the said loss vide Assessment order dated 19-3-1985. However, the Commissioner of Income-tax intervened by or…

Cavalcade Properties P. Ltd, Mumbai vs. ITO WD 12(1)(4), Mumbai

Accordingly, grounds raised by the assessee are allowed

ITA 4030/MUM/2017[2011-12]Status: DisposedITAT Mumbai30 Oct 2019AY 2011-12

Bench: Shri S. Rifaur Rahman, Am& Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 4030/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2012-13)

For Appellant: Shri Madhur Agarwal, AR byFor Respondent: Shri Awangshi Gimson, DR
Section 115JSection 143(1)Section 143(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, AM& SHRI RAM LAL NEGI, JM आयकरअपीलसं./ I.T.A. No. 4030/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2012-13) ITO Ward 12(1)(4), M/s Cavalcade Properties Aayakar Bhavan, Pvt. Ltd. Churchgate, बिधम/ Plot No. C-30, G-Block, Mumbai-400 020 Opp-SIDBI, Bandra Kurla Vs. Complex, Bandra (east), Mumbai 400 051 स्थायीलेखासं./जीआइआरसं./PAN No. AACCC6226B (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : आयकरअपीलसं./ I.T.A. No. 4273/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2012-13) ITO Ward 12(1)(4), M/s Cavalcade Properties Aayakar Bhavan, Pvt…

DCIT, New Delhi vs. M/S. Ge Money Financial Services Pvt. Ltd., New Delhi

In the result, the Appeal filed by the Department stands

ITA 1991/DEL/2016[2011-12]Status: DisposedITAT Delhi16 Nov 2017AY 2011-12

Bench: Shri H.S. Sidhu & Shri Prashant Maharishi

For Appellant: Sh. Sachit Jolly, AdvFor Respondent: Sh. Arun Kumar Yadav, Sr. DR
Section 1Section 115JSection 142(1)Section 143(2)Section 143(3)Section 209Section 92C

…is recognized when interest is actually collected. Merely on the basis of accrual it cannot be recognized in the absence of ITA Nos. 3192,3476,2809 & 2445/0ell2007 any certainty of its collection. The Hon'ble Supreme Court in the case of UCO Bank vs. CIT, 237 ITR 891 has held as under: "The circular of October 9, 1984, also serves another practical purpose of laying down a uniform test for the assessing authority to decide whether the interest income which is transferred to the suspense account is, in fact, arising in respect of a doubtful or "sticky" loan. This is done by providing that non- receipt of…

Ge Money Financial Services Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, revenue’s appeal is dismissed

ITA 13/DEL/2012[2005-06]Status: DisposedITAT Delhi29 Aug 2016AY 2005-06

Bench: Shri S.V. Mehrotra : & Shri C.M. Garg :

For Appellant: Shri Balbir Singh Sr. Adv. &For Respondent: Shri A.K. Saroha CIT(DR)
Section 143(1)Section 234Section 32Section 45

…ct of sticky loans and advances, the income is recognized when interest is actually collected. Merely on the basis of accrual it cannot be recognized in the absence of any certainty of its collection. The Hon'ble Supreme Court in the case of UCO Bank vs. CIT, 237 ITR 891 has held as under: "The circular of October 9, 1984, also serves another practical purpose of laying down a uniform test for the assessing authority to decide whether the interest income which is transferred to the suspense account is, in fact, arising in respect of a doubtful or "sticky" loan. This is done by providing that non-receipt of inter…

ACIT, New Delhi vs. M/S. Ge Money Financial Services Ltd., New Delhi

In the result, revenue’s appeal is dismissed

ITA 5854/DEL/2011[2005-06]Status: DisposedITAT Delhi29 Aug 2016AY 2005-06

Bench: Shri S.V. Mehrotra : & Shri C.M. Garg :

For Appellant: Shri Balbir Singh Sr. Adv. &For Respondent: Shri A.K. Saroha CIT(DR)
Section 143(1)Section 234Section 32Section 45

…ct of sticky loans and advances, the income is recognized when interest is actually collected. Merely on the basis of accrual it cannot be recognized in the absence of any certainty of its collection. The Hon'ble Supreme Court in the case of UCO Bank vs. CIT, 237 ITR 891 has held as under: "The circular of October 9, 1984, also serves another practical purpose of laying down a uniform test for the assessing authority to decide whether the interest income which is transferred to the suspense account is, in fact, arising in respect of a doubtful or "sticky" loan. This is done by providing that non-receipt of inter…

Ge Money Financial Services (P) Ltd., New Delhi vs. ACIT, New Delhi

In the result, revenue’s appeal is dismissed

ITA 4235/DEL/2011[2003-04]Status: DisposedITAT Delhi29 Aug 2016AY 2003-04

Bench: Shri S.V. Mehrotra : & Shri C.M. Garg :

For Appellant: Shri Balbir Singh Sr. Adv. &For Respondent: Shri A.K. Saroha CIT(DR)
Section 143(1)Section 234Section 32Section 45

…ct of sticky loans and advances, the income is recognized when interest is actually collected. Merely on the basis of accrual it cannot be recognized in the absence of any certainty of its collection. The Hon'ble Supreme Court in the case of UCO Bank vs. CIT, 237 ITR 891 has held as under: "The circular of October 9, 1984, also serves another practical purpose of laying down a uniform test for the assessing authority to decide whether the interest income which is transferred to the suspense account is, in fact, arising in respect of a doubtful or "sticky" loan. This is done by providing that non-receipt of inter…

Ge Money Financial Services Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, revenue’s appeal is dismissed

ITA 4206/DEL/2011[2004-05]Status: DisposedITAT Delhi29 Aug 2016AY 2004-05

Bench: Shri S.V. Mehrotra : & Shri C.M. Garg :

For Appellant: Shri Balbir Singh Sr. Adv. &For Respondent: Shri A.K. Saroha CIT(DR)
Section 143(1)Section 234Section 32Section 45

…ct of sticky loans and advances, the income is recognized when interest is actually collected. Merely on the basis of accrual it cannot be recognized in the absence of any certainty of its collection. The Hon'ble Supreme Court in the case of UCO Bank vs. CIT, 237 ITR 891 has held as under: "The circular of October 9, 1984, also serves another practical purpose of laying down a uniform test for the assessing authority to decide whether the interest income which is transferred to the suspense account is, in fact, arising in respect of a doubtful or "sticky" loan. This is done by providing that non-receipt of inter…

Ge Countrywide Consumer Financial Services Ltd vs. DCIT, Circle-12(1)

In the result, revenue’s appeal is dismissed

ITA 1357/DEL/2005[2001-2002]Status: DisposedITAT Delhi29 Aug 2016AY 2001-2002

Bench: Shri S.V. Mehrotra : & Shri C.M. Garg :

For Appellant: Shri Balbir Singh Sr. Adv. &For Respondent: Shri A.K. Saroha CIT(DR)
Section 143(1)Section 234Section 32Section 45

…ct of sticky loans and advances, the income is recognized when interest is actually collected. Merely on the basis of accrual it cannot be recognized in the absence of any certainty of its collection. The Hon'ble Supreme Court in the case of UCO Bank vs. CIT, 237 ITR 891 has held as under: "The circular of October 9, 1984, also serves another practical purpose of laying down a uniform test for the assessing authority to decide whether the interest income which is transferred to the suspense account is, in fact, arising in respect of a doubtful or "sticky" loan. This is done by providing that non-receipt of inter…

UCO Bank v. CIT (237 ITR 891) — Cited in 10 Judgments | BharatTax