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

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

viia) in respect of rural branches, the latest/provisional census available should be considered. Accordingly this issue is remitted back to the AO. The assessee is directed to ITA Nos.1107/Bang/2019 & 161/PAN/2019 Page 38 of 46 provide the latest/provisional census which was available for the respective assessment year. This ground is allowed for statistical purposes.” 29. Respectfully following the above judgment

M/S. UKN PROPERTIES PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

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

Bench: Shri N.V. Vasudevan & Ms. Padmavathy Sassessment Year : 2013-14

section 56(2)(viia) and the Act provides a separate Rule i.e., Rule 11UA(1)(c)(b) for this purpose which is the fair market value. The AO therefore should have computed the fair market value of the unquoted shares based on the method prescribed as per the above Rule and should have calculated the disallowance

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BENGALURU, BENGALURU vs. CANARA BANK, BENGALURU

In the result, appeal of the revenue in ITA No

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessmentyear: 2017-18

56. Thus, we hold that Section 11 of the Acquisition Act which deals a corresponding new bank treated as Indian company for the purpose of Income Tax, however, Clause (b) in Sub-Section 2 to Section 115JB does not permit treatment of such bank as a company for the purpose of the said clause, because it should be ITA No.424/Mum/2020

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

disallowance of Rs.192.02 crores.” 7.5 The Ld A.R submitted that the Ld CIT(A) has rendered his decision by following his decision rendered in AY 2013-14 and earlier years. He submitted that Finance Act, 2013 has inserted “Explanation 2” in sec. 36(1)(vii) of the Act and the same reads as under:- “Explanation 2 – For the removal

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

disallowance of Rs.192.02 crores.” 7.5 The Ld A.R submitted that the Ld CIT(A) has rendered his decision by following his decision rendered in AY 2013-14 and earlier years. He submitted that Finance Act, 2013 has inserted “Explanation 2” in sec. 36(1)(vii) of the Act and the same reads as under:- “Explanation 2 – For the removal

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

disallowed a sum of Rs.1387,81,80,315/- out of total claim of Rs.1695,59,52,309/-. The assessee bank contended before the learned Commissioner (Appeals) that there is no requirement in Section 36(1)(viia) that the provision should be in relation to rural advances. Further, it was contended that the reliance placed by the learned Assessing Officer

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

In the result, grounds 6 and 9 are allowed for statistical purposes

Bench: Shri George George K, Jm & Ms.Padmavathy S, Jm

viia) Party allowed 936,90,65,332 2. Disallowance u/s 36(1)(vii) 1008,00,06,232 6. The CIT(A) in relation to applicability of provisions of section 115JB of the Act, did not allow ground that section M/s.Canara Bank (Erstwhile Syndicate Bank) 115JB is not applicable to the assessee. The first appellate authority allowed the appeal

M/S. CANARA BANK (ERSTWHILE SYNDICATE BANK),BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BANGALORE

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

viia) of Rs.732,27,14,733 and made addition. The AO also disallowed excess depreciation on ATMs of Rs.3,11,060,880. The AO further noted from the return filed u/s. 148 and the original return u/s. 139(1) that the assessee had not computed book profits u/s. 115JB of the Act under the MAT ITA Nos.388 & 389/Bang/2023 Page

M/S. CANARA BANK (ERSTWHILE SYNDICATE BANK),BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BANGALORE

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

viia) of Rs.732,27,14,733 and made addition. The AO also disallowed excess depreciation on ATMs of Rs.3,11,060,880. The AO further noted from the return filed u/s. 148 and the original return u/s. 139(1) that the assessee had not computed book profits u/s. 115JB of the Act under the MAT ITA Nos.388 & 389/Bang/2023 Page

VIJAYA BANK ,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX LARGE TAX PAYER UNIT , BANGALORE

In the result, Revenue’s appeal for Assessment Year 2012-13 is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Jason P Boaz

2. Briefly stated, the facts of the case are as under :- 2.1 The assessee, a naitonalised bank, filed its return of income for Assessment Year 2010-11 on 30.09.2010 declaring total income of Rs.390,56,81,270. A revised return of income was filed on 30.3.2012 wherein the assessee's income was declared at Rs.343,23,86,017. The case

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

56,76,036, disallowed an amount ofRs.24,91,38,500. On appeal, the ld. CIT (Appeals) upheld the Assessing Officer’s order. 11.2 The learned Authorised Representative for the assessee submitted that since the Assessing Officer had not recorded satisfaction as required under Section 14A(2) of the Act, no disallowance could be made by invoking Rule

M/S. CANARA BANK (ERSTWHILE SYNDICATE BANK),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, LTU, CIRCLE-2, BANGALORE

In the result, the appeals are partly allowed for statistical purposes

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

56,317/-. The claim of assessee u/s. 36(1)(vii) for the current year after write off pertaining to rural branches is at Rs.413,94,00,446/-. Since the available provision exceeds the claim, the entire claim of deduction u/s. 36(1)(viia) is hereby disallowed (901,62,96,579 – 474,24,85,753). Total disallowance : Rs.427

M/S. CANARA BANK (ERSTWHILE SYNDICATE BANK),BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-2(1)(1), BANGALORE

In the result, the appeals are partly allowed for statistical purposes

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

56,317/-. The claim of assessee u/s. 36(1)(vii) for the current year after write off pertaining to rural branches is at Rs.413,94,00,446/-. Since the available provision exceeds the claim, the entire claim of deduction u/s. 36(1)(viia) is hereby disallowed (901,62,96,579 – 474,24,85,753). Total disallowance : Rs.427

M/S. CANARA BANK (ERSTWHILE SYNDICATE BANK),BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-2(1)(1), BANGALORE

In the result, the appeals are partly allowed for statistical purposes

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

56,317/-. The claim of assessee u/s. 36(1)(vii) for the current year after write off pertaining to rural branches is at Rs.413,94,00,446/-. Since the available provision exceeds the claim, the entire claim of deduction u/s. 36(1)(viia) is hereby disallowed (901,62,96,579 – 474,24,85,753). Total disallowance : Rs.427

CANARA BANK,BANGALORE vs. JCIT, BANGALORE

In the result, the appeal for the Assessment Years 2006-07 and 2007-08 are allowed and Appeal for the A

Bench: Shri Vijay Pal Rao & Shri G. Manjunath

2. The reopening of the assessment u/s 148 is bad in law. 2.1 The learned Commissioner of Income tax –Appeals erred in holding that there was a failure on the part of the appellant Bank to disclose the facts necessary for the assessment. The learned Commissioner of Income tax –Appeals erred in confirming that the addition is not based

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), HUBBALLI vs. M/S. KARNATAKA VIKAS GRAMEEN BANK LIMITED, DHARWAD

In the result, the appeal of assessee is partly allowed and the appeal of the revenue is dismissed

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2016-17

56 of the Banking Regulations Act 1949, which is an obligation of the Act to cooperative banks and cooperative society subject to the modifications. He also referred to NABARD Act 1981 under which, the definition of sec. 2(d) of Central Cooperative Bank has been defined and he also referred to sec. 2(p) which is definition of regional rural

M/S KARNATAKA VIKAS GRAMEENA BANK,DHARWAD vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), HUBBALLI

In the result, the appeal of assessee is partly allowed and the appeal of the revenue is dismissed

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2016-17

56 of the Banking Regulations Act 1949, which is an obligation of the Act to cooperative banks and cooperative society subject to the modifications. He also referred to NABARD Act 1981 under which, the definition of sec. 2(d) of Central Cooperative Bank has been defined and he also referred to sec. 2(p) which is definition of regional rural

CANARA BANK,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BANGALORE, BENGALURU

In the result, revenue’s appeal in ITA No

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

disallows certain expenditures incurred to earn exempt income from being deducted from other incomes which is includable in the total income for the purposes of chargeability to the Lax. It i4 equally well settled that expenditure is a pay out. In order to attract applicability of section 14,4 of the Act, there

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2(1)(1), BENGALURU, BENGALURU vs. CANARA BANK, BENGALURU

In the result, revenue’s appeal in ITA No

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

disallows certain expenditures incurred to earn exempt income from being deducted from other incomes which is includable in the total income for the purposes of chargeability to the Lax. It i4 equally well settled that expenditure is a pay out. In order to attract applicability of section 14,4 of the Act, there