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 367,154 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

Deputy Commissioner of Income Tax, Central Circle-1(3), Bangalore vs. M/S. Mindtree Limited, Bengaluru

In the result, the appeal by the assessee is allowed and revenue’s appeal is dismissed

ITA 1029/BANG/2022[2012-13]Status: DisposedITAT Bangalore19 Dec 2022AY 2012-13

Bench: Shri N.V. Vasudevan & Ms. Padmavathy Sassessment Year : 2012-13

For Appellant: Shri Tata Krishna, AdvocateFor Respondent: Shri K. Sankar Ganesh, Jt.CIT(DR)(ITAT), Bengaluru
Section 10ASection 115JSection 143(3)Section 14ASection 154Section 263

…ot a provision, but the actual diminution in the value of the asset and therefore cannot be adjusted against the book profits u/s. 115JB. The assessee in this regard relied on the decision of the Hon’ble Supreme Court in the case of Vijaya Bank v. CIT, [2010[ 323 ITR 166 (SC) wherein it is observed that the provision for doubtful debt debited to the P&L account constitutes an actual write off if the same is simultaneously reduced from the loans & advances/debtors and is shown as net of such provision. 9. The CIT(A) did not accept the contentions of the assessee by holding that – “5.4 The submissions of the appe…

M/S.Lan Mark Shops(India) P. Ltd, Cochin vs. The ACIT, Cochin

The appeal stands partly allowed

ITA 182/COCH/2021[2014-15]Status: DisposedITAT Cochin30 Nov 2022AY 2014-15

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M & Hon’Ble Shri Manoj Kumar Aggarwal, A.M

For Appellant: Shri Radesh L. Bhat (CA) – Ld. ARFor Respondent: Smt. J.M. Jamuna Devi (Addl.CIT)-Ld. DR
Section 143(3)Section 201Section 36(1)(va)Section 36(1)(vii)

…ee has submitted that the provision has been reduced from advances and only net amount has been shown on asset side of the Balance Sheet and therefore, the same would amount to write-off as per the decision of Hon’ble Supreme Court in the case of Vijaya Bank (323 ITR 166). However, Ld. CIT(A) confirmed this disallowance. We find that similar issue, under similar factual matrix, has been decided by Cochin Tribunal in assessee’s favor in the case of Hi-Build Coatings Pvt. Ltd. vs. Addl. CIT (ITA No.310/Coch/2014 order dated 19.09.2014) wherein the Bench has chosen to follow the cited decision of Hon’ble Apex Court…

Mahindra & Mahindra Ltd, Mumbai vs. ACIT RG 2(2)(2), Mumbai

In the result, appeal by the assessee is partly allowed for statistical purpose

ITA 7287/MUM/2018[2014-15]Status: DisposedITAT Mumbai07 Nov 2022AY 2014-15

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Shri H.P. MahajaniFor Respondent: Smt. Mahita Nair
Section 143(3)Section 144C(13)Section 144C(5)Section 14ASection 92C

…e analogy, the provision for doubtful debts ought not to be added while computing book profits under section 115 JB of the Act. In this regard, reliance is placed on following decisions: `Mahindra & Mahindra Ltd. ITA No.7287/Mum./2018 (a) Vijaya Bank vs CIT, 190 Taxmann 257 (SC) (b) CIT vs Yokogawa India Ltd, 17 Taxmann.com 15 (Kar HC) (c) CIT vs Tainwala Chemicals and Plastics India Ltd, 34 Taxmann.com 159 (Bom HC) (d) Reliance Welfare Association Circle (ITA No. 5976/Mum/2012) Torrent Private Limited, R/Tax Appeal No. 1225 of 2018 (e) 109. From the perusal of record, it is evident that in the present case it…

Natural Remedies Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle-3(1)(1), Bangalore

In the result, the assessee’s appeal is allowed

ITA 755/BANG/2022[2011-12]Status: DisposedITAT Bangalore20 Oct 2022AY 2011-12

Bench: Shri George George K. & Ms. Padmavathy Sassessment Year : 2011-12

For Appellant: Shri Sandeep Chalapathy, CAFor Respondent: Shri Gudimella V P Pavan Kumar
Section 115JSection 143(2)

…ion 1 to sub-section (2) of section 115JB which is not correct since the assessee has actually written off the amount by adjusting the provision against the debtors. The assessee relied on the decision of Supreme Court in the case of Vijaya Bank v. CIT [2010] 323 ITR 166 (SC) wherein it was held that the adjustment of provision for bad and doubtful debts if reduced from the debtors or loans & advance from the assets side of the balance sheet, then Explanation 1 section 115JA/115JB is not attracted. The assessee further relied on the decision of the Karnataka High Court in the case of CIT v. Yokogawa India Ltd. [2…

M/S Bosch Limited, Bangalore vs. Assistant Commissioner of Income Tax Ltu Circle-1, Bangalore

In the result, appeal of the assessee is partly allowed

ITA 1629/BANG/2018[2013-14]Status: DisposedITAT Bangalore13 Sept 2022AY 2013-14

Bench: Shri N.V. Vasudevan & Ms. Padmavathy Sassessment Year : 2013-14 Bosch Limited, Vs. The Assistant Commissioner Hosur Road, Adugodi, Of Income Tax, Ltu, Bangalore – 560 030. Circle 1, Pan: Aaacm 9840P Bangalore. Appellant Respondent Appellant By : Shri Percy Pardiwala, Advocate Respondent By : Shri V S Chakrapani, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 01.09.2022 Date Of Pronouncement : 13.09.2022 O R D E R Per Padmavathy S.2. This Appeal Is Against The Order Of The Cit(Appeals), Bangalore-9, Bangalore Dated 31.3.2018 For The Assessment Year 2013- 14. 3. The Assessee Raised Grounds Pertaining To The Following Issues:- Deduction U/S. 35(2Ab) Computed On Net Expenditure As Opposed To Gross Expenditure Disallowance Of Provision For Bad & Doubtful Debts I) Disallowance Of Provision For Long Term Service Award Disallowance Of Expenditure U/S. 14A Of The Act Ii) Page 2 Of 67

For Appellant: Shri Percy Pardiwala, AdvocateFor Respondent: Shri V S Chakrapani, CIT(DR)(ITAT), Bengaluru
Section 14ASection 35Section 37Section 43BSection 80J

…d with and therefore the appellate Commissioner was justified in allowing the claim of bad debt. Aggrieved by the said order the Revenue has preferred these appeals. 4. The Apex Court in the case of VIJAYA BANK v. COMMISSIONER OF INCOME TAX reported in (2010) 323 ITR 166 (SC) Volume 323 has held as under:- “6. The first question is no more res integra. Recently, a Division Bench of this Court in the case of Southern Technologies Limited v. Joint Commissioner Of Income Tax, Coimbatore reported in (2010) 320 ITR 577, (in which one of us S.H Kapadia J. was a party) had an occasion to deal with the first question and…

Vizag Seaport P.Ltd, Visakhapatnam vs. CIT(A) 14, Mumbai

In the result, appeal filed by the assessee is partly allowed for statistical purposes

ITA 2479/MUM/2015[2010-11]Status: DisposedITAT Visakhapatnam23 Aug 2022AY 2010-11

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

For Appellant: Sri PJ Pardiwalla, CAFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 142(1)Section 143(3)Section 147Section 148Section 32

…he books of accounts. The Ld. AR also pleaded that this provision for doubtful debts has been directly deducted from the receivables from the balance 29 sheet. The Ld.AR relied on the decision of Hon’ble Supreme court in the case of Vijaya Bank vs CIT & Anr [323 ITR 166(SC)]. Per Contra the Ld. DR relied on the order of the Ld. Revenue Authorities. 43. We have heard the rival contentions and gone through the material available on record and the orders of the Authorities below. We find that the provision for doubtful debts is not a bad debt and which needs allowance under the Act. Section 36(1)(vii) of the Act w…

Vizag Seaport P.Ltd, Visakhapatnam vs. CIT(A) 14, Mumbai

In the result, appeal filed by the assessee is partly allowed for statistical purposes

ITA 2478/MUM/2015[2007-08]Status: DisposedITAT Visakhapatnam23 Aug 2022AY 2007-08

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

For Appellant: Sri PJ Pardiwalla, CAFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 142(1)Section 143(3)Section 147Section 148Section 32

…he books of accounts. The Ld. AR also pleaded that this provision for doubtful debts has been directly deducted from the receivables from the balance 29 sheet. The Ld.AR relied on the decision of Hon’ble Supreme court in the case of Vijaya Bank vs CIT & Anr [323 ITR 166(SC)]. Per Contra the Ld. DR relied on the order of the Ld. Revenue Authorities. 43. We have heard the rival contentions and gone through the material available on record and the orders of the Authorities below. We find that the provision for doubtful debts is not a bad debt and which needs allowance under the Act. Section 36(1)(vii) of the Act w…

DCIT 7(3), Mumbai vs. Vizag Seaport P.Ltd, Mumbai

In the result, appeal filed by the assessee is partly allowed for statistical purposes

ITA 2402/MUM/2014[2005-06]Status: DisposedITAT Visakhapatnam23 Aug 2022AY 2005-06

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

For Appellant: Sri PJ Pardiwalla, CAFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 142(1)Section 143(3)Section 147Section 148Section 32

…he books of accounts. The Ld. AR also pleaded that this provision for doubtful debts has been directly deducted from the receivables from the balance 29 sheet. The Ld.AR relied on the decision of Hon’ble Supreme court in the case of Vijaya Bank vs CIT & Anr [323 ITR 166(SC)]. Per Contra the Ld. DR relied on the order of the Ld. Revenue Authorities. 43. We have heard the rival contentions and gone through the material available on record and the orders of the Authorities below. We find that the provision for doubtful debts is not a bad debt and which needs allowance under the Act. Section 36(1)(vii) of the Act w…

DCIT 7(3), Mumbai vs. Vizag Seaport P.Ltd, Mumbai

In the result, appeal filed by the assessee is partly allowed for statistical purposes

ITA 2401/MUM/2014[2009-10]Status: DisposedITAT Visakhapatnam23 Aug 2022AY 2009-10

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

For Appellant: Sri PJ Pardiwalla, CAFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 142(1)Section 143(3)Section 147Section 148Section 32

…he books of accounts. The Ld. AR also pleaded that this provision for doubtful debts has been directly deducted from the receivables from the balance 29 sheet. The Ld.AR relied on the decision of Hon’ble Supreme court in the case of Vijaya Bank vs CIT & Anr [323 ITR 166(SC)]. Per Contra the Ld. DR relied on the order of the Ld. Revenue Authorities. 43. We have heard the rival contentions and gone through the material available on record and the orders of the Authorities below. We find that the provision for doubtful debts is not a bad debt and which needs allowance under the Act. Section 36(1)(vii) of the Act w…

DCIT 7(3), Mumbai vs. Vizag Seaport P.Ltd, Mumbai

In the result, appeal filed by the assessee is partly allowed for statistical purposes

ITA 2400/MUM/2014[2008-09]Status: DisposedITAT Visakhapatnam23 Aug 2022AY 2008-09

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

For Appellant: Sri PJ Pardiwalla, CAFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 142(1)Section 143(3)Section 147Section 148Section 32

…he books of accounts. The Ld. AR also pleaded that this provision for doubtful debts has been directly deducted from the receivables from the balance 29 sheet. The Ld.AR relied on the decision of Hon’ble Supreme court in the case of Vijaya Bank vs CIT & Anr [323 ITR 166(SC)]. Per Contra the Ld. DR relied on the order of the Ld. Revenue Authorities. 43. We have heard the rival contentions and gone through the material available on record and the orders of the Authorities below. We find that the provision for doubtful debts is not a bad debt and which needs allowance under the Act. Section 36(1)(vii) of the Act w…

DCIT, New Delhi vs. M/S Ntpc Ltd., New Delhi

ITA 156/DEL/2016[2011-12]Status: DisposedITAT Delhi05 Aug 2022AY 2011-12

Bench: Sh. A.D. Jaindr. B. R. R. Kumar

For Appellant: Sh. Ved Jain, Adv. &For Respondent: Sh. Bhavnesh Kulsheshtha, CIT-DR
Section 80Section 80I

…f purchase of securities is a part of cost of acquisition of securities, and the same cannot be set off against interest accrued on securities. Reliance was placed by the AO on the decision of the Hon’ble Supreme Court In the case of Vijaya Bank Ltd. vs. CIT, 187 ITR 451. 64. Further, appreciating the reliance placed by the AO on the decision of the apex court in the case of Vijaya Bank (supra), the impugned disallowance was also confirmed by the Ld. CIT(A). 65. Thus, the impugned disallowance has been made by the Ld. AO, and has further been upheld by the Ld. CIT(A) based on the decision of the apex court in th…

Dcir, New Delhi vs. M/S Ntpc Ltd., New Delhi

ITA 5704/DEL/2015[2007-08]Status: DisposedITAT Delhi05 Aug 2022AY 2007-08

Bench: Sh. A.D. Jaindr. B. R. R. Kumar

For Appellant: Sh. Ved Jain, Adv. &For Respondent: Sh. Bhavnesh Kulsheshtha, CIT-DR
Section 80Section 80I

…f purchase of securities is a part of cost of acquisition of securities, and the same cannot be set off against interest accrued on securities. Reliance was placed by the AO on the decision of the Hon’ble Supreme Court In the case of Vijaya Bank Ltd. vs. CIT, 187 ITR 451. 64. Further, appreciating the reliance placed by the AO on the decision of the apex court in the case of Vijaya Bank (supra), the impugned disallowance was also confirmed by the Ld. CIT(A). 65. Thus, the impugned disallowance has been made by the Ld. AO, and has further been upheld by the Ld. CIT(A) based on the decision of the apex court in th…

Mapei Construction Products (India) Private Limited, Bangalore vs. Assistant Commissioner of Income Tax, Circle-4(1)(2), Bangalore

In the result, the appeal filed by the assessee stands partly allowed

ITA 283/BANG/2021[2016-17]Status: DisposedITAT Bangalore01 Jun 2022AY 2016-17

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiit(Tp)A No. 283/Bang/2021 Assessment Year : 2016-17 M/S. Mapei Construction Products (India) Pvt. Ltd., The Assistant A01 & B01, Solus Jain Commissioner Of Heights, Income Tax, 1St Floor, 1St Cross, Circle 4 (1)(2), J C Road, Vs. Bangalore. Bangalore – 560 002. Pan: Aahcm0464A Appellant Respondent : Shri S. Ramasubramanyam, Assessee By Ca : Shri Janardhan, Addl. Cit Revenue By Dr Date Of Hearing : 04-03-2022 Date Of Pronouncement : 01-06-2022 Order Per Beena Pillaipresent Appeal Is Filed By The Assessee Against Final Assessment Order Dated 24/03/2021 Passed By The Ld.Acit, Under National Assessment Centre, New Delhi, Under Section 143(3) Read With Section 143(3A) & (3B) Of The Act, For The Assessment Year 2016- 17 On Following Grounds Of Appeal: “1. Jurisdiction 1.1. That The Learned Lower Authorities Erred In Law & On Facts In Referring The Case To The Learned Transfer Pricing

For Respondent: Shri S. Ramasubramanyam
Section 115JSection 143Section 143(3)Section 40Section 92C

…for doubtful debts is debited to the profit and loss account, and correspondingly reduced from the trade receivables it amounts to write off . The Ld.AR placed reliance on the decision of Hon’ble Supreme Court in case of Vijaya Bank vs. CIT & Anr. reported in 323 ITR 166 and decision of Hon’ble Bangalore Tribunal in case of Canara Bank vs. JCIT reported in 60 ITR (Trib) 1. 12.3 We have perused the submissions advanced by both sides in the light of records placed before us. 12.4 It is a claim of the assessee that the effect of bad debts written off has been taken into consideration in the books of account whereas…

The Karnataka Bank Ltd, Mangaluru vs. Deputy Commissioner of Income Tax, Circle-2(1), Mangaluru

In the result, the appeal filed by the Revenue is dismissed and the appeal of the assessee is partly allowed

ITA 1907/BANG/2018[2014-15]Status: DisposedITAT Bangalore26 May 2022AY 2014-15

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranthe Karnataka Bank Ltd. Dcit, Circle - 2(1) Head Office, Mahaveera Circle Mangalore Vs. Kankanady Mangalore 575002 Pan – Aabct5589K Appellant Respondent Dcit, Circle – 2(1) The Karnataka Bank Ltd. Mangalore Head Office, Mahaveera Circle Vs. Kankanady Mangalore 575002 Pan – Aabct5589K Appellant Respondent Assessee By: Shri S. Ananthan, Ca & Smt. Lalitha Rameswaran, Ca Revenue By: Shri Mudavathu Harish Chandra Naik, Ca Date Of Hearing: 22.03.2022 Date Of Pronouncement: 26.05.2022 O R D E R Per: B.R. Baskaran, A.M. These Cross Appeals Are Directed Against The Order Dated 27-03-2018 Passed By Ld Cit(A), Mangaluru & They Relate To The Assessment Year 2014-15. 2. The Assessee Is A Banking Company Carrying On Banking Business. The Karnataka Bank Ltd.

For Appellant: Shri S. Ananthan, CA &For Respondent: Shri Mudavathu Harish
Section 14A

…e Ld CIT(A) did not agree with the view expressed by AO. He followed his decision rendered in the earlier year in the assessee’s own case and held that the assessee’s case is covered by the decision rendered by Hon’ble Supreme Court in the case of Vijaya Bank 323 ITR 166. It is pertinent to note that in AY 2013-14, the Ld CIT(A) had held as under:- “6.5 Conclusion:- a) It seen that the write off at the branch (Rs.101.72 cr.) & HO level (Rs.90.65 cr) together amounting to Rs.192.37 crores was debited to Provision account (which is part of the accounts of the assessee) which has the effect of reducing the advances…

Assistant Commissioner of Income-Tax, Circle - 6, Pune vs. M/S. Janata Sahakari Bank Ltd, Pune

In the result, the appeal filed by the Revenue in ITA

ITA 2428/PUN/2017[2013-14]Status: DisposedITAT Pune10 May 2022AY 2013-14

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Nikhil PathakFor Respondent: Shri J. P. Chadraker
Section 143(3)

…le of the Assessing Officer to decide the issue as to the admissibility of the claim for the bad debts under the provisions of section 36(1)(vii) of the Act in accordance with law laid down by the Hon’ble Supreme Court in the case of CIT vs. Vijaya Bank Ltd., 323 ITR 166 (SC) after affording reasonable opportunity of being heard to the assessee. Thus, this ground of appeal no.4 stands partly allowed for statistical purposes. 17. In the result, the appeal filed by the assessee in ITA No.2400/PUN/2017 for assessment year 2013-14 stands partly allowed for statistical purposes. ITA No.2428/PUN/2017, A.Y. 2013-14 – By…

Janata Sahakari Bank Limited, Pune vs. Deputy Commissioner of Income-Tax, Circle - 6, Pune

In the result, the appeal filed by the Revenue in ITA

ITA 2400/PUN/2017[2013-14]Status: DisposedITAT Pune10 May 2022AY 2013-14

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Nikhil PathakFor Respondent: Shri J. P. Chadraker
Section 143(3)

…le of the Assessing Officer to decide the issue as to the admissibility of the claim for the bad debts under the provisions of section 36(1)(vii) of the Act in accordance with law laid down by the Hon’ble Supreme Court in the case of CIT vs. Vijaya Bank Ltd., 323 ITR 166 (SC) after affording reasonable opportunity of being heard to the assessee. Thus, this ground of appeal no.4 stands partly allowed for statistical purposes. 17. In the result, the appeal filed by the assessee in ITA No.2400/PUN/2017 for assessment year 2013-14 stands partly allowed for statistical purposes. ITA No.2428/PUN/2017, A.Y. 2013-14 – By…

Janata Sahakari Bank Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 6, Pune

In the result, the appeal filed by the Revenue in ITA

ITA 2641/PUN/2017[2014-15]Status: DisposedITAT Pune10 May 2022AY 2014-15

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Nikhil PathakFor Respondent: Shri J. P. Chadraker
Section 143(3)

…le of the Assessing Officer to decide the issue as to the admissibility of the claim for the bad debts under the provisions of section 36(1)(vii) of the Act in accordance with law laid down by the Hon’ble Supreme Court in the case of CIT vs. Vijaya Bank Ltd., 323 ITR 166 (SC) after affording reasonable opportunity of being heard to the assessee. Thus, this ground of appeal no.4 stands partly allowed for statistical purposes. 17. In the result, the appeal filed by the assessee in ITA No.2400/PUN/2017 for assessment year 2013-14 stands partly allowed for statistical purposes. ITA No.2428/PUN/2017, A.Y. 2013-14 – By…

ACIT, New Delhi vs. M/S. Ntpc Ltd., New Delhi

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

ITA 3194/DEL/2016[2006-07]Status: DisposedITAT Delhi04 May 2022AY 2006-07

Bench: Sh. A.D. Jaindr. B. R. R. Kumar(Through Video Conferencing) Ita No. 3590/Del/2014 : Asstt. Year: 2006-07 Ita No.3194 /Del/2016 : Asstt. Year: 2006-07 Dcit, Vs Ntpc Limited, Circle-18(2), Ntpc Bhawan, Scope Complex, New Delhi-110002 7, Institutional Area, Lodi Road, New Delhi-110003 (Appellant) (Respondent) Pan No. Aaacn0255D

For Appellant: Sh. Ved Jain, AdvFor Respondent: Ms. Sarita Kumari, CIT-DR
Section 14ASection 27Section 271(1)(c)Section 80I

…f purchase of securities is a part of cost of acquisition of securities, and the same cannot be set off against interest accrued on securities. Reliance was placed by the AO on the decision of the Hon’ble Supreme Court In the case of Vijaya Bank Ltd. vs. CIT, 187 ITR 451. 64. Further, appreciating the reliance placed by the AO on the decision of the apex court in the case of Vijaya Bank (supra), the impugned disallowance was also confirmed by the Ld. CIT(A). 65. Thus, the impugned disallowance has been made by the Ld. AO, and has further been upheld by the Ld. CIT(A) based on the decision of the apex court in th…

DCIT, New Delhi vs. M/S. Ntpc Ltd., New Delhi

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

ITA 3590/DEL/2014[2006-07]Status: DisposedITAT Delhi04 May 2022AY 2006-07

Bench: Sh. A.D. Jaindr. B. R. R. Kumar(Through Video Conferencing) Ita No. 3590/Del/2014 : Asstt. Year: 2006-07 Ita No.3194 /Del/2016 : Asstt. Year: 2006-07 Dcit, Vs Ntpc Limited, Circle-18(2), Ntpc Bhawan, Scope Complex, New Delhi-110002 7, Institutional Area, Lodi Road, New Delhi-110003 (Appellant) (Respondent) Pan No. Aaacn0255D

For Appellant: Sh. Ved Jain, AdvFor Respondent: Ms. Sarita Kumari, CIT-DR
Section 14ASection 27Section 271(1)(c)Section 80I

…f purchase of securities is a part of cost of acquisition of securities, and the same cannot be set off against interest accrued on securities. Reliance was placed by the AO on the decision of the Hon’ble Supreme Court In the case of Vijaya Bank Ltd. vs. CIT, 187 ITR 451. 64. Further, appreciating the reliance placed by the AO on the decision of the apex court in the case of Vijaya Bank (supra), the impugned disallowance was also confirmed by the Ld. CIT(A). 65. Thus, the impugned disallowance has been made by the Ld. AO, and has further been upheld by the Ld. CIT(A) based on the decision of the apex court in th…

M/S. Ntpc Limited, New Delhi vs. Addl. CIT, New Delhi

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

ITA 3535/DEL/2014[2006-07]Status: DisposedITAT Delhi04 May 2022AY 2006-07

Bench: Sh. A.D. Jaindr. B. R. R. Kumar(Through Video Conferencing) Ita No. 3590/Del/2014 : Asstt. Year: 2006-07 Ita No.3194 /Del/2016 : Asstt. Year: 2006-07 Dcit, Vs Ntpc Limited, Circle-18(2), Ntpc Bhawan, Scope Complex, New Delhi-110002 7, Institutional Area, Lodi Road, New Delhi-110003 (Appellant) (Respondent) Pan No. Aaacn0255D

For Appellant: Sh. Ved Jain, AdvFor Respondent: Ms. Sarita Kumari, CIT-DR
Section 14ASection 27Section 271(1)(c)Section 80I

…f purchase of securities is a part of cost of acquisition of securities, and the same cannot be set off against interest accrued on securities. Reliance was placed by the AO on the decision of the Hon’ble Supreme Court In the case of Vijaya Bank Ltd. vs. CIT, 187 ITR 451. 64. Further, appreciating the reliance placed by the AO on the decision of the apex court in the case of Vijaya Bank (supra), the impugned disallowance was also confirmed by the Ld. CIT(A). 65. Thus, the impugned disallowance has been made by the Ld. AO, and has further been upheld by the Ld. CIT(A) based on the decision of the apex court in th…