Vijaya Bank v. CIT

323 ITR 166Supreme Court of India2010#188 most cited

What is Vijaya Bank v. CIT authority for?

A provision for bad and doubtful debts debited to the profit and loss account and reduced from advances on the balance sheet constitutes a write-off for deduction purposes. This is true even if individual debtor accounts are not closed.

392

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2011 to 2026.

Also referred to as

Vijaya Bank v. CIT · section 36(1)(vii) · write off bad debts · provision for doubtful debts · deduction for bad debts · profit and loss account · balance sheet · advances · loans

Also reported as

190 Taxmann 257231 CTR 209

Sections most often in play

Section 36(1)(vii)Section 143(3)Section 14ASection 115JBSection 37(1)Section 36(1)(viia)Section 32(1)(iia)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(1)(vii)section 36(2)section 36(1)(viii)section 115jb(2)additional depreciationsection 10(34)book profitssection 41section 115j

Judgments citing Vijaya Bank v. CIT

Federal Bank Ltd, Kochi vs. ACIT Corp. Circle-1(1 ), Kochi

ITA 395/COCH/2023[2013-14]Status: DisposedITAT Cochin13 Aug 2024AY 2013-14

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.Gopi, CAFor Respondent: Sri.Sanjit Kumar Das, CIT-DR
Section 143(3)Section 144Section 147Section 14ASection 36Section 36(1)(viii)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.393/Coch/2023 : Asst.Year 2011-2012 ITA No.394/Coch/2023 : Asst.Year 2012-2013 ITA No.395/Coch/2023 : Asst.Year 2013-2014 ITA No.396/Coch/2023 : Asst.Year 2014-2015 ITA No.397/Coch/2023 : Asst.Year 2015-2016 ITA No.398/Coch/2023 : Asst.Year 2016-2017 ITA No.399/Coch/2023 : Asst.Year 2017-2018 The Federal Bank Limited The Assistant Commissioner Federal Towers Bank Junction of Income-tax, Corporate v. Circle 1(1), Kchi. Aluva, HO Aluva Ernakulam – 683 101. PAN :…

Federal Bank Ltd, Kochi vs. ACIT Corp. Circle-1(1 ), Kochi

ITA 394/COCH/2023[2012-13]Status: DisposedITAT Cochin13 Aug 2024AY 2012-13

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.Gopi, CAFor Respondent: Sri.Sanjit Kumar Das, CIT-DR
Section 143(3)Section 144Section 147Section 14ASection 36Section 36(1)(viii)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.393/Coch/2023 : Asst.Year 2011-2012 ITA No.394/Coch/2023 : Asst.Year 2012-2013 ITA No.395/Coch/2023 : Asst.Year 2013-2014 ITA No.396/Coch/2023 : Asst.Year 2014-2015 ITA No.397/Coch/2023 : Asst.Year 2015-2016 ITA No.398/Coch/2023 : Asst.Year 2016-2017 ITA No.399/Coch/2023 : Asst.Year 2017-2018 The Federal Bank Limited The Assistant Commissioner Federal Towers Bank Junction of Income-tax, Corporate v. Circle 1(1), Kchi. Aluva, HO Aluva Ernakulam – 683 101. PAN :…

Federal Bank Ltd, Kochi vs. ACIT Corp. Circle-1(1 ), Kochi

ITA 393/COCH/2023[2011-12]Status: DisposedITAT Cochin13 Aug 2024AY 2011-12

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.Gopi, CAFor Respondent: Sri.Sanjit Kumar Das, CIT-DR
Section 143(3)Section 144Section 147Section 14ASection 36Section 36(1)(viii)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.393/Coch/2023 : Asst.Year 2011-2012 ITA No.394/Coch/2023 : Asst.Year 2012-2013 ITA No.395/Coch/2023 : Asst.Year 2013-2014 ITA No.396/Coch/2023 : Asst.Year 2014-2015 ITA No.397/Coch/2023 : Asst.Year 2015-2016 ITA No.398/Coch/2023 : Asst.Year 2016-2017 ITA No.399/Coch/2023 : Asst.Year 2017-2018 The Federal Bank Limited The Assistant Commissioner Federal Towers Bank Junction of Income-tax, Corporate v. Circle 1(1), Kchi. Aluva, HO Aluva Ernakulam – 683 101. PAN :…

M/S. Vaasautomation Private Limited, Kanchipurm vs. ACIT, Coprporate Circle-3(2), Chennai

In the result, all the grounds of appeal raised by the assesse are dismissed

ITA 140/CHNY/2024[2015-16]Status: DisposedITAT Chennai31 Jul 2024AY 2015-16

Bench: Shri Aby T Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.140/Chny/2024 निर्धारण वर्ा /Assessment Years: - 2015-16 M/S.Vaasautomation India Pvt Ltd., The Asst.Commissioner Of Income Plot No.H18 & H19, Sipcot Industrial Tax(Osd), Park, Vallam Vadagal, Echoor Post, Corporate Circle-3(2), Sriperumbudur Taluk, Chennai Kancheepuram Dist, Kanchipuram-631604. [Pan: Aaach2759N] (अपीलार्थी/Assesse) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से/ Assesse By : Shri N.Venkatasubramanian, C.A, प्रत्यर्थी की ओर से /Respondent By : Shri P.Sajit Kumar, Jcit सुनवाई की तारीख/Date Of Hearing : 04.07.2024 घोषणा की तारीख /Date Of Pronouncement : 31.07.2024

For Respondent: Shri P.Sajit Kumar, JCIT
Section 143(3)Section 250Section 36(1)(vii)Section 36(1)(viia)Section 36(2)

…by the Appellant stating that it has made only a provision for doubtful debts in the books and there was no actual write-off to the party account. The CIT(A) also erred in denying the stand taken by the Hon'ble Supreme Court in the case of Vijaya Bank ([2010] 323 ITR 166 (SC) stating it is not applicable to the appellant as it is not a financial institution. The CIT(A) failed to appreciate that the judgement in the case of Vijaya Bank pertains to the deduction under section 36(1)(vii) and not under section 36(1)(viia). b. The above stand is also confirmed in the Ahmedabad |TAT's decision in the case of Vidras Cer…

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

…mmissioner of Income Tax (A) erred in law and facts of the case in not allowing the entire bad debts written off in the books and in not following the decisions of the Hon'ble Supreme Court in the case of TRF Ltd Vs CIT 323 ITR 397 (SC) and Vijaya Bank Vs CIT 323 ITR 166 (SC) and A.P. High Court in the case of CIT vs Inventa Chemicals (2013). 7. The Commissioner of Income Tax (Appeals) ought to have appreciated the fact that the Assessing Officer while computing the income from business should not have included investment depreciation of Rs. 7,05,18,382/- and profit on sale of investments of Rs. 5,11,09,716/- and…

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

…mmissioner of Income Tax (A) erred in law and facts of the case in not allowing the entire bad debts written off in the books and in not following the decisions of the Hon'ble Supreme Court in the case of TRF Ltd Vs CIT 323 ITR 397 (SC) and Vijaya Bank Vs CIT 323 ITR 166 (SC) and A.P. High Court in the case of CIT vs Inventa Chemicals (2013). 7. The Commissioner of Income Tax (Appeals) ought to have appreciated the fact that the Assessing Officer while computing the income from business should not have included investment depreciation of Rs. 7,05,18,382/- and profit on sale of investments of Rs. 5,11,09,716/- and…

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

…mmissioner of Income Tax (A) erred in law and facts of the case in not allowing the entire bad debts written off in the books and in not following the decisions of the Hon'ble Supreme Court in the case of TRF Ltd Vs CIT 323 ITR 397 (SC) and Vijaya Bank Vs CIT 323 ITR 166 (SC) and A.P. High Court in the case of CIT vs Inventa Chemicals (2013). 7. The Commissioner of Income Tax (Appeals) ought to have appreciated the fact that the Assessing Officer while computing the income from business should not have included investment depreciation of Rs. 7,05,18,382/- and profit on sale of investments of Rs. 5,11,09,716/- and…

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

…mmissioner of Income Tax (A) erred in law and facts of the case in not allowing the entire bad debts written off in the books and in not following the decisions of the Hon'ble Supreme Court in the case of TRF Ltd Vs CIT 323 ITR 397 (SC) and Vijaya Bank Vs CIT 323 ITR 166 (SC) and A.P. High Court in the case of CIT vs Inventa Chemicals (2013). 7. The Commissioner of Income Tax (Appeals) ought to have appreciated the fact that the Assessing Officer while computing the income from business should not have included investment depreciation of Rs. 7,05,18,382/- and profit on sale of investments of Rs. 5,11,09,716/- and…

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

…mmissioner of Income Tax (A) erred in law and facts of the case in not allowing the entire bad debts written off in the books and in not following the decisions of the Hon'ble Supreme Court in the case of TRF Ltd Vs CIT 323 ITR 397 (SC) and Vijaya Bank Vs CIT 323 ITR 166 (SC) and A.P. High Court in the case of CIT vs Inventa Chemicals (2013). 7. The Commissioner of Income Tax (Appeals) ought to have appreciated the fact that the Assessing Officer while computing the income from business should not have included investment depreciation of Rs. 7,05,18,382/- and profit on sale of investments of Rs. 5,11,09,716/- and…

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

…mmissioner of Income Tax (A) erred in law and facts of the case in not allowing the entire bad debts written off in the books and in not following the decisions of the Hon'ble Supreme Court in the case of TRF Ltd Vs CIT 323 ITR 397 (SC) and Vijaya Bank Vs CIT 323 ITR 166 (SC) and A.P. High Court in the case of CIT vs Inventa Chemicals (2013). 7. The Commissioner of Income Tax (Appeals) ought to have appreciated the fact that the Assessing Officer while computing the income from business should not have included investment depreciation of Rs. 7,05,18,382/- and profit on sale of investments of Rs. 5,11,09,716/- and…

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

…mmissioner of Income Tax (A) erred in law and facts of the case in not allowing the entire bad debts written off in the books and in not following the decisions of the Hon'ble Supreme Court in the case of TRF Ltd Vs CIT 323 ITR 397 (SC) and Vijaya Bank Vs CIT 323 ITR 166 (SC) and A.P. High Court in the case of CIT vs Inventa Chemicals (2013). 7. The Commissioner of Income Tax (Appeals) ought to have appreciated the fact that the Assessing Officer while computing the income from business should not have included investment depreciation of Rs. 7,05,18,382/- and profit on sale of investments of Rs. 5,11,09,716/- and…

Dy. CIT Circle 3(4), Mumbai vs. Asian Paints Ltd, Mumbai

In the result, appeals filed by assessee and Revenue for A

ITA 3083/MUM/2023[2018-19]Status: DisposedITAT Mumbai26 Jul 2024AY 2018-19

Bench: IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

Section 115JSection 143(3)Section 14ASection 2(43)Section 35Section 40Section 80GSection 90

…ividual debtor level and not at a consolidated level based on percentage of total value of debtors. Further, the said treatment of reduction from Sundry Debtors is an effective write off as observed by Hon'ble SC in the case of Vijaya Bank Ltd. vs. CIT (2010) 322 ITR 166 and accordingly the assessee has claimed provision for doubtful debts. 40. However, the ld. AO disallowed such provision observing that judgement of Vijaya Bank only applies to banking companies, further, also made an observation that the provision was created on an estimated basis considering the percentage of the total value of receivables and…

Asian Paints Limited, Santacruz vs. Deputy Commissioner of Income Tax, Ltu Circle 2, Cuffe Parade

ITA 2700/MUM/2023[2016-17]Status: DisposedITAT Mumbai26 Jul 2024AY 2016-17
Section 143(3)Section 14ASection 2(43)Section 35Section 40Section 50Section 80GSection 90

…ividual debtor level and not at a consolidated level based on percentage of total value of debtors. Further, the said treatment of reduction from Sundry Debtors is an effective write off as observed by Hon'ble SC in the case of Vijaya Bank Ltd. vs. CIT (2010) 322 ITR 166 and accordingly the assessee has claimed provision for doubtful debts. 40. However, the 1d. AO disallowed such provision observing that judgement of Vijaya Bank only applies to banking companies, further, also made an observation that the provision was created on an estimated basis considering the percentage of the total value of receivables and…

Asian Paints Limited, Santacruz vs. National Faceless Assessment Centre, Delhi

ITA 2696/MUM/2023[2018-19]Status: DisposedITAT Mumbai26 Jul 2024AY 2018-19
Section 143(3)Section 14ASection 2(43)Section 35Section 40Section 50Section 80GSection 90

…ividual debtor level and not at a consolidated level based on percentage of total value of debtors. Further, the said treatment of reduction from Sundry Debtors is an effective write off as observed by Hon'ble SC in the case of Vijaya Bank Ltd. vs. CIT (2010) 322 ITR 166 and accordingly the assessee has claimed provision for doubtful debts. 40. However, the 1d. AO disallowed such provision observing that judgement of Vijaya Bank only applies to banking companies, further, also made an observation that the provision was created on an estimated basis considering the percentage of the total value of receivables and…

Karur Vysya Bank Ltd., Karur vs. DCIT Circle 2(1), Trichy

ITA 678/CHNY/2019[2015-16]Status: DisposedITAT Chennai09 Apr 2024AY 2015-16

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita Nos.: 677 & 678/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 M/S. Karur Vysya Bank Ltd, Deputy Commissioner Of Central Office, V. Income Tax, Erode Road, Circle -2(1), Karur – 639 002. Trichy. [Pan: Aaact-3373-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1343 & 1321/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 Deputy Commissioner Of M/S. Karur Vysya Bank Ltd, Income Tax, V. Central Office, Circle -2(1), Erode Road, Trichy. Karur – 639 002. [Pan: Aaact-3373-J (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. Anandhan, Ca & Smt. Lalitha, Ca Revenue By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 13.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

For Appellant: Shri. Anandhan, CA and Smt. Lalitha, CAFor Respondent: Shri. Nilay Baran Som, CIT
Section 36(1)(viii)Section 41(1)Section 43B

…ot valid. Hence, as the assessee has failed to debit the bad debts written off in the accounts i.e either to PBDD nor charged it to profit and loss account, its claim has no merit. In this connection, the following cases are relied upon: a) Vijaya Bank vs CIT 323 ITR 166 "After the insertion of the Explanation, the assessee(s) is now required not only to debit the profit and loss account but simultaneously, also to reduce loans and advances or the debtors from the assets side of the balance sheet to the extent of the corresponding amount so that at the end of the year the amount of loans and advances/debtors is s…

Karur Vysya Bank Ltd., Karur vs. DCIT Circle 2(1), Trichy

ITA 677/CHNY/2019[2014-15]Status: DisposedITAT Chennai09 Apr 2024AY 2014-15

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita Nos.: 677 & 678/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 M/S. Karur Vysya Bank Ltd, Deputy Commissioner Of Central Office, V. Income Tax, Erode Road, Circle -2(1), Karur – 639 002. Trichy. [Pan: Aaact-3373-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1343 & 1321/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 Deputy Commissioner Of M/S. Karur Vysya Bank Ltd, Income Tax, V. Central Office, Circle -2(1), Erode Road, Trichy. Karur – 639 002. [Pan: Aaact-3373-J (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. Anandhan, Ca & Smt. Lalitha, Ca Revenue By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 13.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

For Appellant: Shri. Anandhan, CA and Smt. Lalitha, CAFor Respondent: Shri. Nilay Baran Som, CIT
Section 36(1)(viii)Section 41(1)Section 43B

…ot valid. Hence, as the assessee has failed to debit the bad debts written off in the accounts i.e either to PBDD nor charged it to profit and loss account, its claim has no merit. In this connection, the following cases are relied upon: a) Vijaya Bank vs CIT 323 ITR 166 "After the insertion of the Explanation, the assessee(s) is now required not only to debit the profit and loss account but simultaneously, also to reduce loans and advances or the debtors from the assets side of the balance sheet to the extent of the corresponding amount so that at the end of the year the amount of loans and advances/debtors is s…

DCIT Circle 2(1), Trichy vs. The Karur Vysya Bank Ltd., Karur

ITA 1343/CHNY/2019[2014-15]Status: DisposedITAT Chennai09 Apr 2024AY 2014-15

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita Nos.: 677 & 678/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 M/S. Karur Vysya Bank Ltd, Deputy Commissioner Of Central Office, V. Income Tax, Erode Road, Circle -2(1), Karur – 639 002. Trichy. [Pan: Aaact-3373-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1343 & 1321/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 Deputy Commissioner Of M/S. Karur Vysya Bank Ltd, Income Tax, V. Central Office, Circle -2(1), Erode Road, Trichy. Karur – 639 002. [Pan: Aaact-3373-J (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. Anandhan, Ca & Smt. Lalitha, Ca Revenue By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 13.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

For Appellant: Shri. Anandhan, CA and Smt. Lalitha, CAFor Respondent: Shri. Nilay Baran Som, CIT
Section 36(1)(viii)Section 41(1)Section 43B

…ot valid. Hence, as the assessee has failed to debit the bad debts written off in the accounts i.e either to PBDD nor charged it to profit and loss account, its claim has no merit. In this connection, the following cases are relied upon: a) Vijaya Bank vs CIT 323 ITR 166 "After the insertion of the Explanation, the assessee(s) is now required not only to debit the profit and loss account but simultaneously, also to reduce loans and advances or the debtors from the assets side of the balance sheet to the extent of the corresponding amount so that at the end of the year the amount of loans and advances/debtors is s…

DCIT Circle 2(1), Trichy vs. The Karur Vysya Bank Ltd., Karur

ITA 1321/CHNY/2019[2015-16]Status: DisposedITAT Chennai09 Apr 2024AY 2015-16

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita Nos.: 677 & 678/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 M/S. Karur Vysya Bank Ltd, Deputy Commissioner Of Central Office, V. Income Tax, Erode Road, Circle -2(1), Karur – 639 002. Trichy. [Pan: Aaact-3373-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1343 & 1321/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 Deputy Commissioner Of M/S. Karur Vysya Bank Ltd, Income Tax, V. Central Office, Circle -2(1), Erode Road, Trichy. Karur – 639 002. [Pan: Aaact-3373-J (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. Anandhan, Ca & Smt. Lalitha, Ca Revenue By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 13.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

For Appellant: Shri. Anandhan, CA and Smt. Lalitha, CAFor Respondent: Shri. Nilay Baran Som, CIT
Section 36(1)(viii)Section 41(1)Section 43B

…ot valid. Hence, as the assessee has failed to debit the bad debts written off in the accounts i.e either to PBDD nor charged it to profit and loss account, its claim has no merit. In this connection, the following cases are relied upon: a) Vijaya Bank vs CIT 323 ITR 166 "After the insertion of the Explanation, the assessee(s) is now required not only to debit the profit and loss account but simultaneously, also to reduce loans and advances or the debtors from the assets side of the balance sheet to the extent of the corresponding amount so that at the end of the year the amount of loans and advances/debtors is s…

ACIT Corporate Circle -1 (1), Kochi vs. M/S Geofin Comtrade Ltd, Kochi

In the result, the Revenue’s appeals are allowed

ITA 968/COCH/2022[2014-15]Status: DisposedITAT Cochin13 Mar 2024AY 2014-15

Bench: Shri Sanjay Arora & Dr. S. Seethalakshmi

For Appellant: Ms. Rohini Thampi, CAFor Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Section 143(3)Section 36(1)(vii)

…he Act for the relevant year is in accordance with law, i.e., as explained by the Hon'ble Apex Court per it’s decision in Southern Technologies Ltd. v. Jt. CIT [2010] 320 ITR 577 (SC), and as further reiterated and explained by it in Vijaya Bank v. CIT [2010] 323 ITR 166 (SC). Interestingly, both the assessee and the Revenue claiming satisfaction of the conditions for a write off (of a bad debt as irrecoverable) in accounts, i.e., as mandated by section 36(1)(vii) of ITA No. 967 & 968/Coch/2022 (AYs. 2013-14 & 2014-15) Asst. CIT v. Geofin Comtrade Ltd. the Act, and the law laid down per the cited decisions, i.e.…

ACIT, Kochi vs. M/S.Geofin Comtrade Ltd, Kochi

In the result, the Revenue’s appeals are allowed

ITA 967/COCH/2022[2013-14]Status: DisposedITAT Cochin13 Mar 2024AY 2013-14

Bench: Shri Sanjay Arora & Dr. S. Seethalakshmi

For Appellant: Ms. Rohini Thampi, CAFor Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Section 143(3)Section 36(1)(vii)

…he Act for the relevant year is in accordance with law, i.e., as explained by the Hon'ble Apex Court per it’s decision in Southern Technologies Ltd. v. Jt. CIT [2010] 320 ITR 577 (SC), and as further reiterated and explained by it in Vijaya Bank v. CIT [2010] 323 ITR 166 (SC). Interestingly, both the assessee and the Revenue claiming satisfaction of the conditions for a write off (of a bad debt as irrecoverable) in accounts, i.e., as mandated by section 36(1)(vii) of ITA No. 967 & 968/Coch/2022 (AYs. 2013-14 & 2014-15) Asst. CIT v. Geofin Comtrade Ltd. the Act, and the law laid down per the cited decisions, i.e.…