“Section 10(15)(iv)”

JOINT COMMISSIONER OF INCOME TAX (OSD)-I/C DCIT CIRCLE 8(3)(1), MUMBAI vs. M/S TATA AIG GENERAL INSURANCE CO. LTD, MUMBAI

exemption of dividend income under section 10(34) of the Act\n4,49,12,030\n9.\nNon granting of exemption of income under section 10(15)(iv)(h, of the Act\n73,76,19,768\n10.\nEarlier year's unpaid provision of leave encashment paid in current year

DCIT 2(2)(2), MUMBAI vs. THE HONGKONG AND SHANGHAI BANKING CORP LTD, MUMBAI

In the result, assessee’s appeals are allowed wherein

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

that, the Assessee had claimed the gross interest of Rs. 24,14,88,425 earned on tax free bonds as exempt under section 10(15)(iv) of the Income Tax Act, 1961 ('the Act') and gross dividend of Rs. 20,00,495 earned on shares as exempt under section 10

THE HONG KONG & SHANGHAI BANKING CORPORATION LTD.,MUMBAI vs. JT. DIRECTOR OF INCOME TAX (INTERNATIONAL TAXATION) - RANGE -3, MUMBAI

In the result, assessee’s appeals are allowed wherein

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

that, the Assessee had claimed the gross interest of Rs. 24,14,88,425 earned on tax free bonds as exempt under section 10(15)(iv) of the Income Tax Act, 1961 ('the Act') and gross dividend of Rs. 20,00,495 earned on shares as exempt under section 10

DDIT (IT) 3(1), MUMBAI vs. HONGKONG & SANGHAI BANKING CORPORATION LTD, MUMBAI

In the result, assessee’s appeals are allowed wherein

Bench: IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA No.7336/Mum/2010 (Assessment Year :2004-05) & ITA No.4765/Mum/2016 (Assessment Year :2005-06) The Hongkong & Shanghai Banking Corporation Ltd. Srnior Vice President Tax, India Area Management 5th Floor, Hongkong Bank Building, 52/60, MG Road Fort, Mumbai – 400 001 (Appellant) Vs. The Joint Director of Income Tax (International Taxation)-3, Mumbai 1st Flo

that, the Assessee had claimed the gross interest of Rs. 24,14,88,425 earned on tax free bonds as exempt under section 10(15)(iv) of the Income Tax Act, 1961 ('the Act') and gross dividend of Rs. 20,00,495 earned on shares as exempt under section 10

THE HONGKONG & SHANGHAI BANKING CORPORATION LTD,MUMBAI vs. DDIT (IT) 3(1), MUMBAI

In the result, assessee’s appeals are allowed wherein

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL, ACCOUNTANT MEMBER & The Hongkong & Shanghai Banking Corporation Ltd. Srnior (Vice President)

that, the Assessee had claimed the gross interest of Rs. 24,14,88,425 earned on tax free bonds as exempt under section 10(15)(iv) of the Income Tax Act, 1961 ('the Act') and gross dividend of Rs. 20,00,495 earned on shares as exempt under section 10

STANDARD CHARTERED BANK,MUMBAI vs. DDIT (IT) 2(1), MUMBAI

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

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL

STANDARD CHARTERED BANK,MUMBAI vs. DDIT (IT) 2(1), MUMBAI

In the result, ground raised by the revenue is dismissed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

Regarding Question 2 – The Tribunal records in the impugned order that the Revenue has before it accepted the position that the exemption under Section 10(15) (iv) (h) of the Act is to be allowed on gross basis and not on net basis. In spite of having accepted that exemption ... under Section 10(15)(iv)(h) of the Act is to be allowed on gross interest before Page 59 of 72 the Tribunal, the Revenue has proposed to above question for consideration without pointing out in any manner the basis for withdrawing the concession made before the Tribunal

M/S. STANDARD CHARTERED BANK,MUMBAI vs. DDIT (I.T) - 2(1), MUMBAI

In the result, the appeal of revenue is partly allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

Regarding Question 2 – The Tribunal records in the impugned order that the Revenue has before it accepted the position that the exemption under Section 10(15) (iv) (h) of the Act is to be allowed on gross basis and not on net basis. In spite of having accepted that exemption ... under Section 10(15)(iv)(h) of the Act is to be allowed on gross interest before the Tribunal, the Revenue has proposed to above question for consideration without pointing out in any manner the basis for withdrawing the concession made before the Tribunal. In any case in terms

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

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

assessing officer also held that the assessee is not entitled to claim exemption of pension business under section 10(23AAB), interest under section 10(15)(iv)(h) and dividend income under section 10(34) / 10(35). And also made a disallowance under section 14A. Further, the Assessing Officer treated

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

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

assessing officer also held that the assessee is not entitled to claim exemption of pension business under section 10(23AAB), interest under section 10(15)(iv)(h) and dividend income under section 10(34) / 10(35). And also made a disallowance under section 14A. Further, the Assessing Officer treated

DCIT-2(2)(1), MUMBAI vs. M/S STATE BANK OF INDIA (SUCCESSOR TO STATE BANK OF BIKANER AND JAIPUR), MUMBAI

In the result, the appeal of the Revenue is dismissed, whereas the appeal of the assessee is allowed partly for statistical purposes

Bench: Shri Om Prakash Kant (Account Member) & Ms. Kavitha Rajagopal () I.T.A. No. 3033/Mum/2019 (A.Y. 2015-16) I.T.A. No. 2873/Mum/2019 (A.Y. 2015-16) Dcit-2(2)(1), Vs. M/S State Bank Of India Mumbai (Successor To State Room No. 545, Bank Of Bikaner & 5Th Floor, Ayakar Jaipur) Bhavan Financial Reporting & Mumbai-400020 Taxation, 3Rd Floor, Corporate Centre, Madam Cama Road Nariman Point, Mumbai- 400021 (Appellant) (Respondent)

THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL

STATE BANK OF INDIA (SUCCESSOR TO STATE BANK OF BIKANER & JAIPUR),MUMBAI vs. ACIT -CIRCLE 2(2)(1), MUMBAI

In the result, the appeal of the Revenue is dismissed, whereas the appeal of the assessee is allowed partly for statistical purposes

Bench: Shri Om Prakash Kant (Account Member) & Ms. Kavitha Rajagopal () I.T.A. No. 3033/Mum/2019 (A.Y. 2015-16) I.T.A. No. 2873/Mum/2019 (A.Y. 2015-16) Dcit-2(2)(1), Vs. M/S State Bank Of India Mumbai (Successor To State Room No. 545, Bank Of Bikaner & 5Th Floor, Ayakar Jaipur) Bhavan Financial Reporting & Mumbai-400020 Taxation, 3Rd Floor, Corporate Centre, Madam Cama Road Nariman Point, Mumbai- 400021 (Appellant) (Respondent)

THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL

M/S. STANDARD CHARTERED BANK,MUMBAI vs. THE ACIT (IT)1(3), MUMBAI

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

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blestandard Chartered Bank V. Acit – Range-1(3) Taxation Department, 23-25 Scindia House, Ballard Estate M.G. Road, 3Rd Floor N.M. Marg, Mumbai - 400038 Fort, Mumbai - 400001 Pan: Aabcs4681D (Appellant) (Respondent) Adit (It)– 2(3) V. Standard Chartered Bank Room No. 120, 1St Floor Taxation Department, 23-25 Scindia House, Ballard Estate M.G. Road, 3Rd Floor N.M. Marg, Mumbai - 400038 Fort, Mumbai - 400001 Pan: Aabcs4681D (Appellant) (Respondent) Shri P.J. Pardiwala & Assessee Represented By : Shri Fenil Bhatt Shri Soumendu Kumar Dash Department Represented By :

Assessing Officer noticed that the assessee has claimed interest income of ₹.4,43,41,446, received on tax free bonds as exempt under section 10(15)(iv) of the Act. He further found that the assessee has paid interest amounting to ₹.352.98 crore. Whereas, the total interest income earned ... Regarding Question 2 – The Tribunal records in the impugned order that the Revenue has before it accepted the position that the exemption under Section 10(15)(iv)(h) of the Act is to be allowed on gross basis and not on net basis. Inspite of having accepted that exemption under

DCIT CENTRAL CIRCLE 5(3) , MUMBAI vs. BREACH CANDY SWIMMING BATH TRUST, MUMBAI

In the result, the appeal filed by the revenue for AY 2014-15 is allowed for statistical purposes and the appeal for AY 2015-16 is dismissed

Bench: Shri Amit Shukla, Jm & Shri Om Prakash Kant, Am आयकरअपीलसं./ I.T.A. No. 1445 & 1446/Mum/2022 (निर्धारणवर्ा / Assessment Year: 2014-15 & 2015-16) Breach Candy Swimming Dcit Cc– 5(3), बिधम/ Bath Trust R. No. 1906, 19Th Floor, Air Mumbai India Building, Nariman Vs. Point, Mumbai-40 021 स्थायीलेखासं./जीआइआरसं./ Pan No. Aaatb0133F (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By Dr. Mahesh Akhade, Ld. Dr : प्रत्यथीकीओरसे/Respondent By : Shri Rajeev Waglay, Ld. Ar सुनवाईकीतारीख/ : 08.09.2022 Date Of Hearing घोषणाकीतारीख / : 08.09.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeals Have Been Filed By The Revenue Against The Separate Impugned Order Of Even Date 24.12.2021, Passed By Ld. Cit(A)-53, Mumbai For The Quantum Of Assessment Passed U/S 147 R.W.S. 144 For Ay 2014-15 & 2015-16. 2

from tax free bonds which is otherwise not 9 I.T.A. No. 1445 & 1446/Mum/2022 Breach Candy Swimming Bath Trust taxable in view of section 10(15)(iv). Since the entire matter has been restored back to the file of AO in assessee’s appeal by this Tribunal in ITA No. 2469/Mum/21

DCIT 2(2), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

No.4951/M/2013) A.Y. 2005-06 13. The AO made disallowance of Rs.46,35,85,591/- claimed by the assessee for earning exempt income under section 10(15)(iv)(c&f), section 10(15)(iv)(h), 10(23G) by invoking the provisions contained under section 14A of the Act read with rule

STATE BANK OF INDIA,MUMBAI vs. DCIT CIR 2(2), MUMBAI

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

No.4951/M/2013) A.Y. 2005-06 13. The AO made disallowance of Rs.46,35,85,591/- claimed by the assessee for earning exempt income under section 10(15)(iv)(c&f), section 10(15)(iv)(h), 10(23G) by invoking the provisions contained under section 14A of the Act read with rule

BREACH CANDY SWIMMING BATH TRUST,MUMBAI vs. DCIT CENT. CIR 5(3), MUMBAI

In the result, the assessee appeal

Bench: Shri S Rifaur Rahman & Shri Pavan Kumar Gadale & Breach Candy Vs. Dcit, Cc5(3) Swimming Bath Trust Room No. 1906, 19Th 66, Bhulabhai Desai Floor, Air India Bldg, Road, Breach Candy, Nariman Point, Mumbai – 400026. Mumbai – 400021. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaatb0133F Appellant .. Respondent Appellant By : Shri.Rajeev Waglay Adv. Ar Respondent By : Shri.Dilip Kumar Shah & Shri.Mahesh Akhade. Dr Date Of Hearing 18.01.2022 Date Of Pronouncement 27.01.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: These Are The Appeals Filed By The Assessee Against The Separate Orders Of The Commissioner Of Income Tax (Appeals)- 53, Mumbai Passed U/Sec144 R.W.S147 & 250 Of The Act (A.Y.2014-15) & U/Sec 143(3)R.W.S147 & 250 Of The Income Tax Act, 1961 (A.Y.2015-16). Since The Issues Involved In These Appeals Are Identical & Inter Connected, Hence Are Clubbed, Heard & Consolidated Order Is Passed.

IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI S RIFAUR RAHMAN, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE