THE NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 3(2)(1), MUMBAI, AAYAKAR BHAWAN
In the result, the appeals of the assessee for AY 2018-19 and AY 2019-20
ITA 2481/MUM/2024[2019-20]Status: DisposedITAT Mumbai26 Aug 2024AY 2019-20
Bench: Ms Padmavathy S, Am & Shri Sunil Kumar Singh, Jm Ι.Τ.Α. No. 2480 /Mum/2024 (Assessment Year: 2018-19) Ι.Τ.Α. No. 2481 /Mum/2024 (Assessment Year: 2019-20) The National Bank Of Agriculture & Rural Development C-24, G Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051. Pan : Aaact4020G Vs. Dcit, Circle-3(2)(1), Aaykar Bhavan, M.K. Road, Mumbai-400020. Appellant) : Respondent) Appellant/Assessee By : Shri J.D. Mistry, Sr. Adv. & Shri Niraj Sheth & Shri Gunjan Kakkad, Ar Revenue/Respondent By : Shri S. Srinivasu, Cit-Dr Date Of Hearing : 21.08.2024 Date Of Pronouncement : 26.08.2024 Order Per Padmavathy S, Am: These Appeals By The Assessee Are Against The Separate Orders Of The Principal Commissioner Of Income Tax, Mumbai 3 [In Short 'The Pcit'] Passed Under Section 263 Of The Income Tax Act, 1961 (The Act) Dated 14.03.2024 For
For Appellant: Shri J.D. Mistry, Sr. Adv. &For Respondent: Shri S. Srinivasu, CIT-DR
Section 143(3)Section 263Section 36(1)(vii)Section 36(1)(viia)
taken a plea that
the assessee company is a public financial institution in terms of section 4A of
the companies Act, 1956(now section 2(72)) of the companies act, 2013 as per
the notification dated 17.4.2002 and has stated that the RBI's master circular
dated 1.7.2015 on "Prudential
