DCIT CIRCLE 2(1), TRICHY vs. THE KARUR VYSYA BANK LTD., KARUR

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita Nos.: 677 & 678/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 M/S. Karur Vysya Bank Ltd, Deputy Commissioner Of Central Office, V. Income Tax, Erode Road, Circle -2(1), Karur – 639 002. Trichy. [Pan: Aaact-3373-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1343 & 1321/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 Deputy Commissioner Of M/S. Karur Vysya Bank Ltd, Income Tax, V. Central Office, Circle -2(1), Erode Road, Trichy. Karur – 639 002. [Pan: Aaact-3373-J (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. Anandhan, Ca & Smt. Lalitha, Ca Revenue By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 13.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

2,46,14,514 4 Disallowance of ex-gratia 26,05,79,311 5 Disallowance u/s. 36(1)(viii) 30,00,00,000 6 Bad debts [Ground not taken 7,29,184 before CIT(A) and hence, ground is not taken before ITAT] 7 Disallowance u/s. 14A 79,95,384 8 Disallowance of depreciation on 7,56,91,597 ATMs

DCIT CIRCLE 2(1), TRICHY vs. THE KARUR VYSYA BANK LTD., KARUR

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita Nos.: 677 & 678/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 M/S. Karur Vysya Bank Ltd, Deputy Commissioner Of Central Office, V. Income Tax, Erode Road, Circle -2(1), Karur – 639 002. Trichy. [Pan: Aaact-3373-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1343 & 1321/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 Deputy Commissioner Of M/S. Karur Vysya Bank Ltd, Income Tax, V. Central Office, Circle -2(1), Erode Road, Trichy. Karur – 639 002. [Pan: Aaact-3373-J (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. Anandhan, Ca & Smt. Lalitha, Ca Revenue By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 13.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

2,46,14,514 4 Disallowance of ex-gratia 26,05,79,311 5 Disallowance u/s. 36(1)(viii) 30,00,00,000 6 Bad debts [Ground not taken 7,29,184 before CIT(A) and hence, ground is not taken before ITAT] 7 Disallowance u/s. 14A 79,95,384 8 Disallowance of depreciation on 7,56,91,597 ATMs

KARUR VYSYA BANK LTD.,KARUR vs. DCIT CIRCLE 2(1), TRICHY

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita Nos.: 677 & 678/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 M/S. Karur Vysya Bank Ltd, Deputy Commissioner Of Central Office, V. Income Tax, Erode Road, Circle -2(1), Karur – 639 002. Trichy. [Pan: Aaact-3373-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1343 & 1321/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 Deputy Commissioner Of M/S. Karur Vysya Bank Ltd, Income Tax, V. Central Office, Circle -2(1), Erode Road, Trichy. Karur – 639 002. [Pan: Aaact-3373-J (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. Anandhan, Ca & Smt. Lalitha, Ca Revenue By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 13.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

2,46,14,514 4 Disallowance of ex-gratia 26,05,79,311 5 Disallowance u/s. 36(1)(viii) 30,00,00,000 6 Bad debts [Ground not taken 7,29,184 before CIT(A) and hence, ground is not taken before ITAT] 7 Disallowance u/s. 14A 79,95,384 8 Disallowance of depreciation on 7,56,91,597 ATMs

ASSISTANT COMMISSIONER OF INCOME TAX, NUNGAMBAKKAM vs. R K M POWERGEN PRIVATE LIMITED, T NAGAR

In the result the appeal of the revenue for the both the

depreciation and cannot constitute income in the hands of the appellant. Even according to the TP order the profit margin of MIPP was 26.67%. Rs.245 Crores remains unpaid to MIPP. Downward adjustment made for two years only (AYs 2013-14 and 2014-15) and that does not match the share premium of Rs.1973.77 crores (Rs.1847.05 crores in RKM + Rs.126.72 crores

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. R K M POWERGEN PVT. LTD., CHENNAI

In the result the appeal of the revenue for the both the\n

depreciation and cannot constitute income in\nthe hands of the appellant. Even according to the TP order\nthe profit margin of MIPP was 26.67%. Rs.245 Crores\nremains unpaid to MIPP. Downward adjustment made for\ntwo years only (AYs 2013-14 and 2014-15) and that does\nnot match the share premium of Rs.1973.77 crores\n(Rs.1847.05 crores in RKM + Rs.126.72

THE VILLUPURAM DISTRICT CENTRAL COOPERATIVE BANK LTD.,,VILLUPURAM vs. DCIT, VILLUPURAM CIRCLE,, VILLUPRUAM

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Mahavir Singh & Shri Manjunatha.G

56,443 Non Statutory reserve released :Rs. 47,44,730 Total : Rs.3,47,01, 173 The release of above amounts during the previous year relevant to assessment year 2008-09 related to reserves created in earlier years. Prior to assessment year 2008-09 i.e. upto assessment year 2007-08 the bank was entitled to claim deduction under Section

THE CUDDALORE DISTRICT CENTRAL CO-OP BANK LTD.,CUDDALORE vs. DCIT CUDDALORE CIRCLE, CUDDALORE

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Mahavir Singh & Shri Manjunatha.G

56,443 Non Statutory reserve released :Rs. 47,44,730 Total : Rs.3,47,01, 173 The release of above amounts during the previous year relevant to assessment year 2008-09 related to reserves created in earlier years. Prior to assessment year 2008-09 i.e. upto assessment year 2007-08 the bank was entitled to claim deduction under Section

THE VILLUPURAM DISTRICT CENTRAL COOPERATIVE BANK LTD.,,VILLUPURAM vs. ACIT, CIRCLE-I,, CUDDALORE

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Mahavir Singh & Shri Manjunatha.G

56,443 Non Statutory reserve released :Rs. 47,44,730 Total : Rs.3,47,01, 173 The release of above amounts during the previous year relevant to assessment year 2008-09 related to reserves created in earlier years. Prior to assessment year 2008-09 i.e. upto assessment year 2007-08 the bank was entitled to claim deduction under Section

THE VILLUPURAM DISTRICT CENTRAL COOPERATIVE BANK LTD.,,VILLUPURAM vs. ACIT, CIRCLE-II,, CUDDALORE

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Mahavir Singh & Shri Manjunatha.G

56,443 Non Statutory reserve released :Rs. 47,44,730 Total : Rs.3,47,01, 173 The release of above amounts during the previous year relevant to assessment year 2008-09 related to reserves created in earlier years. Prior to assessment year 2008-09 i.e. upto assessment year 2007-08 the bank was entitled to claim deduction under Section

THE VILLUPURAM DISTRICT CENTRAL COOPERTATIVE BANK LTD.,,VILLUPURAM vs. DCIT, VILLUPURAM CIRCLE,, VILLUPURAM

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Mahavir Singh & Shri Manjunatha.G

56,443 Non Statutory reserve released :Rs. 47,44,730 Total : Rs.3,47,01, 173 The release of above amounts during the previous year relevant to assessment year 2008-09 related to reserves created in earlier years. Prior to assessment year 2008-09 i.e. upto assessment year 2007-08 the bank was entitled to claim deduction under Section

THE VILLUPURAM DISTRICT CENTRAL COOPERATIVE BANK LTD.,,VILLUPURAM vs. DCIT, VILLUPURAM CIRCLE,, VILLUPURAM

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Mahavir Singh & Shri Manjunatha.G

56,443 Non Statutory reserve released :Rs. 47,44,730 Total : Rs.3,47,01, 173 The release of above amounts during the previous year relevant to assessment year 2008-09 related to reserves created in earlier years. Prior to assessment year 2008-09 i.e. upto assessment year 2007-08 the bank was entitled to claim deduction under Section

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, CUDDALLORE vs. M/S VILLUPURAM DISTRICT CENTRAL COOPERATIVE BANK LTD., VILLUPURAM

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Mahavir Singh & Shri Manjunatha.G

56,443 Non Statutory reserve released :Rs. 47,44,730 Total : Rs.3,47,01, 173 The release of above amounts during the previous year relevant to assessment year 2008-09 related to reserves created in earlier years. Prior to assessment year 2008-09 i.e. upto assessment year 2007-08 the bank was entitled to claim deduction under Section

DCIT CENTRALCIRCLE-2(3), CHENNAI vs. M/S TANGI FCILITY SOLUTIONS PVT. LTD., CHENNAI

The appeal stand dismissed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./ Ita No.735/Chny/2023 (िनधा*रणवष* / Assessment Year: 2017-18) Dcit M/S. Tangi Facility Solutions Pvt. Ltd. बनाम/ Central Circle-2(3) Old No.42, New No.2, Chennai-34. Luz Avenue, Mylapore, Vs. Chennai-600 004. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aafct-1408-B (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ" कीओरसे/ Appellant By : Mrs. Swapna Nanu Ambath (Cit)- Ld. Dr " थ"कीओरसे/Respondent By : Shri G. Shivakumar (Advocate)-Ld. Ar सुनवाई की तारीख/Date Of Hearing : 18-03-2024 घोषणा की तारीख /Date Of Pronouncement : 03-06-2024

viia) is concerned, Hon’ble Karnataka High Court in the case of PCIT vs. Dr. Ranjan Pai (ITA No.501 of 2016 dated 15-12-2020), considering both these decisions, has held that a careful scrutiny of Section 56(2)(vii) of the Act contemplates two contingencies firstly, where the property is received without consideration and secondly, where it is received

CITY UNION BANK LIMITED,KUMBAKONAM vs. JCIT, KUMBAKONAM

In the result, the appeals filed for the assessment year 2007-08 filed by

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

depreciation on securities because they are held as stock in trade and not as investment which was not agreed to by the Assessing Officer who made the addition. 64. On appeal, the Ld. CIT(A), observing that the issue is covered in favour of the assessee by the decision of the Hon'ble Jurisdictional High Court in assessee

ACIT, KUMBAKONAM vs. CITY UNION BANK LIMITED, KUMBAKONAM

In the result, the appeals filed for the assessment year 2007-08 filed by

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

depreciation on securities because they are held as stock in trade and not as investment which was not agreed to by the Assessing Officer who made the addition. 64. On appeal, the Ld. CIT(A), observing that the issue is covered in favour of the assessee by the decision of the Hon'ble Jurisdictional High Court in assessee

ACIT, KUMBAKONAM vs. CITY UNION BANK LIMITED, KUMBAKONAM

In the result, the appeals filed for the assessment year 2007-08 filed by

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

depreciation on securities because they are held as stock in trade and not as investment which was not agreed to by the Assessing Officer who made the addition. 64. On appeal, the Ld. CIT(A), observing that the issue is covered in favour of the assessee by the decision of the Hon'ble Jurisdictional High Court in assessee

ACIT, KUMBAKONAM vs. CITY UNION BANK LIMITED, KUMBAKONAM

In the result, the appeals filed for the assessment year 2007-08 filed by

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

depreciation on securities because they are held as stock in trade and not as investment which was not agreed to by the Assessing Officer who made the addition. 64. On appeal, the Ld. CIT(A), observing that the issue is covered in favour of the assessee by the decision of the Hon'ble Jurisdictional High Court in assessee

ACIT, KUMBAKONAM vs. CITY UNION BANK LIMITED, KUMBAKONAM

In the result, the appeals filed for the assessment year 2007-08 filed by

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

depreciation on securities because they are held as stock in trade and not as investment which was not agreed to by the Assessing Officer who made the addition. 64. On appeal, the Ld. CIT(A), observing that the issue is covered in favour of the assessee by the decision of the Hon'ble Jurisdictional High Court in assessee

ACIT, KUMBAKONAM vs. CITY UNION BANK LIMITED, KUMBAKONAM

In the result, the appeals filed for the assessment year 2007-08 filed by

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

depreciation on securities because they are held as stock in trade and not as investment which was not agreed to by the Assessing Officer who made the addition. 64. On appeal, the Ld. CIT(A), observing that the issue is covered in favour of the assessee by the decision of the Hon'ble Jurisdictional High Court in assessee