interest on securities — 681 case laws

Ummeed Child Development Center, Mumbai vs. ITO (Exem)-2(4), Mumbai

In the result, appeal of the assessee is allowed

ITA 1838/MUM/2023[2015-16]Status: DisposedITAT Mumbai06 Nov 2023AY 2015-16

Bench: Shri Kuldip Singh & Shri Gagan Goyal & Ummeed Child Development Centre, Gr. Floor, 1-B, 1/62 Mantri Pride, N. M. Joshi Marg, Lower Parel, Mumbai-400 011 ...... Appellant Vs. Ito (Exe.) – 2 (4), R. No. 503, 5Th Floor, Piramal Chambers, Lal Baug, Parel, Pan – Aaatu0678E ..... Respondent

For Appellant: Shri Saurabh Bhat, Ld. ARFor Respondent: Shri Ujjawal Kumar, Ld. DR

Section 11(6)Section 12ASection 250

permitted accumulation of 25 per cent will also be calculated with reference to this income. Where the trust derives income from house property interest on securities, capital gains, or other sources, the word "income" should be understood in its commercial sense, i.e., book income, after adding back any appropriations

ACIT-1(1)(1), Mumbai vs. Hdfc Life Inusrance Company Limited, Mumbai

In the result, the appeal by the revenue as well as the Cross objection of the assessee for the A

ITA 1848/MUM/2023[2018-2019]Status: DisposedITAT Mumbai01 Nov 2023AY 2018-2019

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 10Section 14ASection 44

provisions of section 44 of Act heads of income like income from other sources,capital gains, house property or even interest on securities did not come into play and only first schedule had to be invoked to arrive at the profit,that both accounts-the Policyholders‟ and Share-holders‟ account ... Notwithstanding anything to the contrary contained in the provisions of this Act relating to the computation of income chargeable under the head "interest on securities", "Income from house property", "Capital gains" or "Income from other sources", or in section 199 or in sections 28 to (43B), the profits and gains

ACIT 1(1)(1), Mumbai vs. M/S Hdfc Standard Life Insurance Co. Ltd (Now Known As Hdfc Life Insurance Co Ltd.), Mumbai

In the result, the appeal by the revenue as well as the Cross objection of the assessee for the A

ITA 1775/MUM/2023[2017-18]Status: DisposedITAT Mumbai01 Nov 2023AY 2017-18

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 10Section 14ASection 44

provisions of section 44 of Act heads of income like income from other sources,capital gains, house property or even interest on securities did not come into play and only first schedule had to be invoked to arrive at the profit,that both accounts-the Policyholders‟ and Share-holders‟ account ... Notwithstanding anything to the contrary contained in the provisions of this Act relating to the computation of income chargeable under the head "interest on securities", "Income from house property", "Capital gains" or "Income from other sources", or in section 199 or in sections 28 to (43B), the profits and gains

Rangaraya Large Sized Cooperative Society, Pasivedala vs. Income Tax Officer, Tanuku

In the result, appeal of the Revenue is dismissed

ITA 160/VIZ/2023[2017-18]Status: DisposedITAT Visakhapatnam18 Oct 2023AY 2017-18

Bench: Shri Duvvuru Rl Reddy, Hon’Bleआयकर अपील सं./I.T.A.No.160/Viz/2023 (ननधधारण वर्ा / Assessment Year :2017-18) Rangaraya Large Sized Cooperative Vs. Income Tax Officer Society Tanuku No Wg 445 Pasivedala Kovvur Mandalam Pasivedala [Pan : Aacat2077R] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri Drsn Sastry, Ar प्रत्यधथी की ओर से / Respondent By : Shri Madhukar Aves, Dr सुनवधई की तधरीख / Date Of Hearing : 14.09.2023 घोर्णध की तधरीख/Date Of Pronouncement : 18.10.2023 आदेश /O R D E R Per Shri Duvvuru Rl Reddy: This Appeal Is Filed By The Assessee Against The Order Of Commissioner Of Income Tax (Appeal) [Cit(A)], National Faceless Appeal Centre (Nfac), Delhi Vide Din & Order No. Itba/Nfac/S/250/2022- 23/1051742265(1) Dated 31.03.2023 Arising Out Of The Assessment Order Passed U/S 143(3) Of The Income Tax Act, 1961 (In Short “Act”) Dated 28.12.2019 For The Assessment Year (A.Y.)2017-18. 2. Brief Facts Of The Case Are That The Assessee, An Agricultural Cooperative Society Registered Under The Society Act, Provides Credit

For Appellant: Shri DRSN Sastry, ARFor Respondent: Shri Madhukar Aves, DR

Section 143(3)Section 80Section 80P

decisions in the case of CIT Vs. Jilla Jahakari Kendriya Bank Manyadit (1997) 225 ITR 421(MP), which held that income from interest on securities earmarked to reserve fund is not eligible for deduction u/s 80P and also relied on the decision of Hon’ble Supreme Court of India ... relied on the decision of CIT Vs. Jilla Jahakan Kendriya Bank Maryadit (1997) 225 ITR 421(MP) that income from interest on securities ear marked to reserve fund has been held not eligible for deduction u/s 80P. He has also placed relied on the decision of Hon’ble Supreme Court

Flemingo Dutyfree Shop Pvt Ltd, Mumbai vs. DCIT, Cen-Cir-8(4), Mumbai

In the result, the appeal of the assessee is dismissed

ITA 2218/MUM/2023[2016-2017]Status: DisposedITAT Mumbai16 Oct 2023AY 2016-2017

Bench: Shri Aby T Varkey & Shri Amarjit Singhflemingo Dutyfree Shop Vs. Dcit, Central Circle-8(4) Private Limited, 6Th Floor, Aayakar D-73/1 Ttc D-73/1 Ttc Bhavan, M.K. Road, Industrial Area, New Marine Lines, Midc Turbhe, Churchgate, Navi Mumbai – 400705 Mumbai – 400 020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacf7909E Appellant .. Respondent [ Appellant By : J.P. Baragra Respondent By : Ujjawal Kumar Chavan Date Of Hearing 26.09.2023 Date Of Pronouncement 16.10.2023

For Appellant: J.P. BaragraFor Respondent: Ujjawal Kumar Chavan

Section 143(2)Section 201Section 37(1)

made on salary under Section 192, on interest paid on securities under Section 193, on dividends under Section 194, on interest other than interest on securities under Section 194A, and the other payments referred to in Section 195. Section 198 of the Act provides that tax so deducted

Vaibhav Co-Operative Credit Society, Mumbai vs. Principle CIT-27, Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 1868/MUM/2023[2018-2019]Status: DisposedITAT Mumbai28 Sept 2023AY 2018-2019

Bench: Shri Amit Shukla & Shri Gagan Goyalvaibhav Co-Operative Credit Society At Post, Ghansoli Thane-Belapur Road Thane- 400 701 Pan:Aaaav3417F ...... Appellant Vs.

For Respondent: None

Section 143(3)Section 263Section 263oSection 80P

power, where the gross total income does not exceed twenty thousand rupees, the amount of any income by way of interest on securities or any income from house property chargeable under section 22. 6 Vaibhav Co-operative Credit Society Explanation. —For the purposes of this section, an "urban consumers

Laxmi Co-Operative Housing Society Ltd, Mumbai vs. Income Tax Officer- 22(2)(3), Mumbai

In the result, both the appeals of the assessee are allowed

ITA 1745/MUM/2023[2015-2016]Status: DisposedITAT Mumbai28 Sept 2023AY 2015-2016

Bench: Shri Amit Shukla & Shri Gagan Goyal & Laxmi Co-Operative Housing Society Ltd. Laxmi Nagar, Khar(W), Mumbai-400 052 Pan: Aaaal1009P ...... Appellant Vs.

For Respondent: Shri. K. Shivram & & Ms. Neelam Jadhav

Section 143(3)Section 147Section 2(19)Section 234ASection 56Section 80Section 80PSection 80P(2)

power, where the gross total income does not exceed twenty thousand rupees, the amount of any income by way of interest on securities or any income from house property chargeable under section 22. Explanation. —For the purposes of this section, an "urban consumers' co-operative society" means a society

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circel-51(1), Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 392/NAG/2022[2012-13]Status: DisposedITAT Nagpur28 Sept 2023AY 2012-13

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circel-51(1), Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 391/NAG/2022[2013-14]Status: DisposedITAT Nagpur28 Sept 2023AY 2013-14

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 389/NAG/2022[2013-14]Status: DisposedITAT Nagpur28 Sept 2023AY 2013-14

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

Bank of India, Nagpur vs. Deputy Commisisoner of Income Tax, TDS, Ciricle-51(10, Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 388/NAG/2022[2013-14]Status: DisposedITAT Nagpur28 Sept 2023AY 2013-14

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 387/NAG/2022[2013-14]Status: DisposedITAT Nagpur28 Sept 2023AY 2013-14

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS Circel-51(1), Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 386/NAG/2022[2013-14]Status: DisposedITAT Nagpur28 Sept 2023AY 2013-14

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 366/NAG/2022[2014-15]Status: DisposedITAT Nagpur28 Sept 2023AY 2014-15

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 365/NAG/2022[2014-15]Status: DisposedITAT Nagpur28 Sept 2023AY 2014-15

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 364/NAG/2022[2014-15]Status: DisposedITAT Nagpur28 Sept 2023AY 2014-15

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 363/NAG/2022[2014-15]Status: DisposedITAT Nagpur28 Sept 2023AY 2014-15

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 362/NAG/2022[2014-15]Status: DisposedITAT Nagpur28 Sept 2023AY 2014-15

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 361/NAG/2022[2014-15]Status: DisposedITAT Nagpur28 Sept 2023AY 2014-15

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Appeals are partly allowed/allowed for statistical purposes in above terms

ITA 360/NAG/2022[2014-15]Status: DisposedITAT Nagpur28 Sept 2023AY 2014-15

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Nitesh Agrawal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR

Section 194ASection 201Section 201(1)Section 250

section 197A, it transpires that even if the tax on the estimated total income of the recipient including interest other than interest on securities will be Nil, but deduction of tax at source would still be required where the amount of interest income exceeds the basic exemption limit. Thus ... 392/NAG./2022 the interest, will be Nil] but not hit by section 197A(1B) [i.e. interest income other than interest on securities as referred to in section 194A does not exceed the basic exemption limit], will at the outset be excluded from consideration as not entailing any obligation to deduct

“interest on securities”

Leading authorities on interest on securities

Judgments citing interest on securities

Ummeed Child Development Center, Mumbai vs. ITO (Exem)-2(4), Mumbai

ACIT-1(1)(1), Mumbai vs. Hdfc Life Inusrance Company Limited, Mumbai

ACIT 1(1)(1), Mumbai vs. M/S Hdfc Standard Life Insurance Co. Ltd (Now Known As Hdfc Life Insurance Co Ltd.), Mumbai

Rangaraya Large Sized Cooperative Society, Pasivedala vs. Income Tax Officer, Tanuku

Flemingo Dutyfree Shop Pvt Ltd, Mumbai vs. DCIT, Cen-Cir-8(4), Mumbai

Vaibhav Co-Operative Credit Society, Mumbai vs. Principle CIT-27, Mumbai

Laxmi Co-Operative Housing Society Ltd, Mumbai vs. Income Tax Officer- 22(2)(3), Mumbai

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circel-51(1), Nagpur

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circel-51(1), Nagpur

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Bank of India, Nagpur vs. Deputy Commisisoner of Income Tax, TDS, Ciricle-51(10, Nagpur

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS Circel-51(1), Nagpur

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur

Bank of India, Nagpur vs. Deputy Commissioner of Income Tax, TDS, Circle-51(1), Nagpur