THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 2(1), MANGALORE vs. KARNATAKA BANK LIMITED., MANGALORE

In the result, the appeal of the assessee is partly allowed for statistical purposes and the revenue’s appeal is dismissed

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K., Judciial Member Assessment Year : 2015-16

TDS provisions would attract disallowance u/s 40(a)(ia). 17. For these and any other grounds that may be urged at the time of hearing it is prayed that the order of the CIT(A) may be cancelled and that of the Assessing Officer restored.” 4. Disallowance of deduction claimed U/s 36(1)(vii):- Briefly stated the facts

M/S SYNDICATE BANK,MANIPAL vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 1, UDUPI

In the result, appeal of the revenue in ITA No

Bench: Shri Chandra Poojari & Shri Keshav Dubeyassessment Year: 2015-16

iii) The second proviso to sub-section (1) of section 129 (earlier provision 211) of the Companies Act, 2013 is not applicable to the assessee. (iv) Under section 11 of the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980 provides that "for the purposes of the Income-tax Act, 1961, every corresponding new bank shall be deemed

M/S VIJAYA BANK ,BANGALORE vs. ADDITIONAL COMMISSIONER OF INCOME TAX LTU , BANGALORE

Accordingly the grounds raised by the revenue is allowed for statistical purposes

Bench: Shri George George K. & Shri Laxmi Prasad Sahum/S. Bank Of Baroda Vs. Addl. Cit, Ltu, (Erstwhile Vijaya Bank) Bmtc Building 7Th Floor, Central Accounts 6Th Block, Koramangala Bengaluru 560095 Dept., 41/2, M.G. Road Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Acit, Circle - 2(1)(1) Vs. M/S. Bank Of Baroda Room No. 561, 5Th Floor (Erstwhile Vijaya Bank) Aayakar Bhavan 7Th Floor, Central Accounts M.K. Road Dept., 41/2, M.G. Road Mumbai 400020 Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Assessee By: Shri Ananthan, Ca& Smt. Lalitha Rameswaran, Ca Revenue By: Shri G. Manoj Kumar, Cit-Dr Date Of Hearing: 29.03.2023 Date Of Pronouncement: 25.04.2023 M/S. Bank Of Baroda

Section 9(1)(vii) of the Act. 10. For the aforesaid reasons, we hold that the view taken by the Bombay High Court that the transaction charges paid to the Bombay Stock Exchange by its members are for 'technical services' rendered is not an appropriate view. Such charges, really, are in the nature of payments made for facilities provided

ADDL/JOINT COMMISSIONER OF INCOME TAX (LTU) , BANGALORE vs. M/S VIJAYA BANK , BANGALORE

Accordingly the grounds raised by the revenue is allowed for statistical purposes

Bench: Shri George George K. & Shri Laxmi Prasad Sahum/S. Bank Of Baroda Vs. Addl. Cit, Ltu, (Erstwhile Vijaya Bank) Bmtc Building 7Th Floor, Central Accounts 6Th Block, Koramangala Bengaluru 560095 Dept., 41/2, M.G. Road Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Acit, Circle - 2(1)(1) Vs. M/S. Bank Of Baroda Room No. 561, 5Th Floor (Erstwhile Vijaya Bank) Aayakar Bhavan 7Th Floor, Central Accounts M.K. Road Dept., 41/2, M.G. Road Mumbai 400020 Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Assessee By: Shri Ananthan, Ca& Smt. Lalitha Rameswaran, Ca Revenue By: Shri G. Manoj Kumar, Cit-Dr Date Of Hearing: 29.03.2023 Date Of Pronouncement: 25.04.2023 M/S. Bank Of Baroda

Section 9(1)(vii) of the Act. 10. For the aforesaid reasons, we hold that the view taken by the Bombay High Court that the transaction charges paid to the Bombay Stock Exchange by its members are for 'technical services' rendered is not an appropriate view. Such charges, really, are in the nature of payments made for facilities provided

M/S. MOBILY INFOTECH INDIA PRIVATE LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD-4(1)(3), BANGALORE

In the result, the appeal by the assessee is allowed

Bench: Shri George George K. & Ms. Padmavathy Sassessment Year : 2016-17

TDS has not been paid in respect of interest expense of Rs. 67,04,528 and hence 30% of the said expenditure amounting to Rs. 20,11,358 is to be disallowed under section 40(a)(ia). As the entire interest expenditure of Rs. 78,11,581 was disallowed under section 36(1)(iii

M/S. HICAL INFRA PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX (OSD), RANGE- 1, BANGALORE

In the result, the appeal by the assessee is allowed

Bench: Shri George George K. & Ms. Padmavathy Sassessment Year : 2016-17

TDS has not been paid in respect of interest expense of Rs. 67,04,528 and hence 30% of the said expenditure amounting to Rs. 20,11,358 is to be disallowed under section 40(a)(ia). As the entire interest expenditure of Rs. 78,11,581 was disallowed under section 36(1)(iii

M/S. CORPORATION BANK,MANGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 2(1), MANGALURU

Bench: Shri George George K & Ms. Padmavathy S & Ita No.1680/Bang/2018 Assessment Year : 2015-16 & 2014-15

section 11 of the ITA No.1109/Bang/2019, 1680/Bang/2018, 164/Pnj/2019 & 235/Pan/2018 Page 28 of 44 Banking Companies (Acquisition and Transfer of Undertaking) Act 1980. (k) Various decisions relied upon by the assessee relate to the period prior to the amendment made by Finance Act 2012. 7.3 Before us, the Ld A.R reiterated that the provisions of sec.115JB will not apply

THE KARNATAKA BANK LTD,MANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1), MANGALORE

In the result, the appeal filed by the assessee is treated as allowed and the appeal of the revenue is treated as partly allowed for statistical purposes

Bench: Shri George George K. & Shri B.R. Baskaranassessment Year : 2013-14

36(1)(viia) would apply to non-rural advances also. Accordingly, we direct the AO to delete the disallowance of Rs.192.02 crores. 6. The next issue urged by the assessee relates to disallowance of payments made to VISA International u/s 40(a)(ia) of the Act, which was confirmed by Ld CIT(A). The revenue is also in appeal

M/S. SYNDICATE BANK,MANIPAL vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, UDUPI

In the result, the appeal filed by the assessee and the appeal of the revenue are treated as partly allowed for statistical purposes

Bench: Shri George George K. & Shri B.R. Baskaranassessment Year : 2013-14

36(1)(viia) would apply to non-rural advances also. Accordingly, we direct the AO to delete the disallowance of Rs.1258.47 crores. 7. The next issue contested by the assessee relates to the applicability of sec.115JB of the Act. In the return of income, the assessee did not compute book profit, as according to the assessee the provisions of sec.115JB

M/S CORPORATION BANK ,MANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-2(1), MANGALORE

In the result, both the appeal filed by the assessee as well as Revenue are partly allowed for statistical purposes

Bench: Shri B.R Baskaran & Smt. Beena Pillaiassessment Year: 2013-14

iii) Disallowance u/s 36(1)(viia) of the Act 5. We shall first take up the appeal filed by the assessee. The first issue contested by the assessee relates to the disallowance of bad debts amounting to Rs.707.83 crores pertaining to non-rural bad debts claimed u/s 36(1)(vii) of the Act. The assessee had debited the rural

CANARA BANK,BANGALORE vs. JCIT, BANGALORE

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

36(1)(viia) of ITA Nos.979 & 1035/B/13 .......903/B/16 Canara Bank Page 53 of 59 the Act. In the assessee’s appeal for assessment year 2010-11 in ITA No.1493/Bang/2014, we held that for the purpose of calculating Average Aggregate Advances (AAA), only loan outstanding should alone be considered, not fresh advances made during the period. However, this issue was remitted

CANARA BANK vs. ADDL.C.I,.T,

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

36(1)(viia) of ITA Nos.979 & 1035/B/13 .......903/B/16 Canara Bank Page 53 of 59 the Act. In the assessee’s appeal for assessment year 2010-11 in ITA No.1493/Bang/2014, we held that for the purpose of calculating Average Aggregate Advances (AAA), only loan outstanding should alone be considered, not fresh advances made during the period. However, this issue was remitted

JOINT COMMISSIONER OF INCOME TAX,, BANGALORE vs. M/S CANARA BANK, BANGALORE

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

36(1)(viia) of ITA Nos.979 & 1035/B/13 .......903/B/16 Canara Bank Page 53 of 59 the Act. In the assessee’s appeal for assessment year 2010-11 in ITA No.1493/Bang/2014, we held that for the purpose of calculating Average Aggregate Advances (AAA), only loan outstanding should alone be considered, not fresh advances made during the period. However, this issue was remitted

J.C.I.T vs. M/S CANARA BANK,

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

36(1)(viia) of ITA Nos.979 & 1035/B/13 .......903/B/16 Canara Bank Page 53 of 59 the Act. In the assessee’s appeal for assessment year 2010-11 in ITA No.1493/Bang/2014, we held that for the purpose of calculating Average Aggregate Advances (AAA), only loan outstanding should alone be considered, not fresh advances made during the period. However, this issue was remitted

CANARA BANK,BANGALORE vs. JCIT, BANGALORE

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

36(1)(viia) of ITA Nos.979 & 1035/B/13 .......903/B/16 Canara Bank Page 53 of 59 the Act. In the assessee’s appeal for assessment year 2010-11 in ITA No.1493/Bang/2014, we held that for the purpose of calculating Average Aggregate Advances (AAA), only loan outstanding should alone be considered, not fresh advances made during the period. However, this issue was remitted

M/S. UNITED SPIRITS LIMITED,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BENGALURU

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

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am It(Tp)A No.2701/Bang/2017 : Asst.Year 2013-2014 M/S.United Spirits Limited The Deputy Commissioner Of Ub Towers, Income-Tax, Circle 7(1)(1) V. No.24 Vittal Mallya Road Bangalore. Bangalore – 560 001. Pan : Aaccm8043J. (Appellant) (Respondent) Appellant By : Sri.Percy Pardiwala, Senior Advocate Respondent By : Sri.Pradeep Kumar, Cit-Dr Date Of Pronouncement : 05.04.2022 Date Of Hearing : 24.03.2022 O R D E R Per George George K, Jm : This Appeal At The Instance Of The Assessee Is Directed Against Final Assessment Order Dated 12.10.2017 Passed U/S 143(3) R.W.S. 144C(13) Of The I.T.Act. The Relevant Assessment Year Is 2013-2014. 2. The Brief Facts Of The Case Are As Follows: The Assessee Is A Company Engaged In The Manufacture & Sale Of Alcoholic Beverage. The Assessee Filed Its Return Of Income For The Assessment Year 2013-2014 On 28.11.2013 Which Was Selected For Scrutiny Assessment. During The Course Of Assessment, The Assessee’S Case Was Also Referred To The Transfer Pricing Officer (Tpo). The Tpo Vide Order Dated 26.10.2016, Recommended Transfer Pricing Adjustments. The A.O., Thereafter, Passed A Draft Assessment Order Dated 30.12.2016. 2 It(Tp)A No.2701/Bang/2017 M/S.United Spirits Limited.

TDS / TCS of Rs. 24,02,13,490 as against the credit of Rs. 24,19,36,874 claimed by the Appellant, resulting in a short credit of Rs. 17,23,384 without providing any reasons for the same. 11.2. The learned AO ought to have appreciated that the TDS/TCS claimed by the Appellant was as per Form 26AS

ACIT, HUBLI vs. KARNATAKA VIKAS GRAMEEN BANK, DHARWAD

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

Bench: Shri N.V Vasudevan & Shri Jason P Boaz

III to section 194C; (v) "rent" shall have the same meaning as in clause (i) to the Explanation to section 194-I; (vi ) "royalty" shall have the same meaning as in Explanation 2 to clause (vi) of sub-section (1) of section 9;” 35. Under Section 194A of the Act which is a section appearing in Part XVIIB

CANARA BANK,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX, LTU,, BANGALORE

In the result, Revenue’s appeal for Assessment Year 2014-15 is partly allowed for statistical purposes

Bench: Shri Sunil Kumar Yadav & Shri Jason P Boaz

iii) Disallowance of Depreciation on AFS & Rs.279,12,50,807 HFT category of investments. iv) Disallowance of Depreciation on HTM Rs.507,15,29,634 category of investments. v) Appreciation on investments not offered Rs.366,51,41,573 to tax. vi) Unrealised gain on revaluation of forward Rs.77,91,16,260 contracts. vii) Disallowance of depreciation on leased Rs.1