THE DCIT, COCHIN vs. M.S COCHIN INTERNATIONAL AIRPORT LTD, COCHIN

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

disallowance claim qua its golf course under the head “plant and machinery”. Learned A.R. not only drew strong support from the CIT(A)’s detailed discussion but also produced this tribunal’s coordinate bench’s order in Landbase India Ltd. vs. ACIT [2020] 185 ITD 40 (Delhi) (Tribu.). Mr. Gopi takes as to para 6 therein that

THE DCIT, COCHIN vs. M/S.COCHIN INTERNATIONAL AIRPORT LTD, COCHIN

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

disallowance claim qua its golf course under the head “plant and machinery”. Learned A.R. not only drew strong support from the CIT(A)’s detailed discussion but also produced this tribunal’s coordinate bench’s order in Landbase India Ltd. vs. ACIT [2020] 185 ITD 40 (Delhi) (Tribu.). Mr. Gopi takes as to para 6 therein that

ACIT, COCHIN vs. SRI.P.C.JOSE, COCHIN

In the result, appeal filed by the assessee stands allowed and Revenue’s appeal stands dismissed

Bench: Shri Inturi Rama Rao, Am & Shri Keshav Dubey, Jm Assessment Year: 2008-09 P.C. Jose .......... Appellant Brothers Agencies, Jews Street Ernakulam 682031 [Pan: Abbpj8250F] Vs. Dy. Commissioner Of Income Tax .......... Respondent Circle - 2(1), Kochi Assessment Year: 2008-09 Dy. Commissioner Of Income Tax .......... Appellant Circle - 2(1), Kochi Vs. P.C. Jose .......... Respondent Brothers Agencies, Jews Street Ernakulam 682031 [Pan: Abbpj8250F] Assessee By: Shri R. Krishnan, Ca Revenue By: Shri Sanjit Kumar Das & Smt. Leena Lal, Sr. D.R. Date Of Hearing: 20.02.2025 Date Of Pronouncement: 18.03.2025 P.C. Jose

section 2(14)(iii) of the Act. However, the AO was of the opinion that it is a capital asset by citing the following reasons: - P.C. Jose I. The land sold was situated in a highly developed residential area. The mere fact that vegetable and crops were available at the time of sale cannot make the property exempt

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

14. Next comes the issue of RBI penalty imposed for non- compliance of regulatory instructions amounting to Rs.3 crore, which has been disallowed by both the lower authorities u/s.37 Explanation. Case law M/s.Dhanalakshmi Bank (2005) 277 ITR (ST) 3 holds that such a penalty imposed by the RBI in regular banking business activities does not attract the impugned disallowance u/s.37

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

14. Next comes the issue of RBI penalty imposed for non- compliance of regulatory instructions amounting to Rs.3 crore, which has been disallowed by both the lower authorities u/s.37 Explanation. Case law M/s.Dhanalakshmi Bank (2005) 277 ITR (ST) 3 holds that such a penalty imposed by the RBI in regular banking business activities does not attract the impugned disallowance u/s.37

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

14. Next comes the issue of RBI penalty imposed for non- compliance of regulatory instructions amounting to Rs.3 crore, which has been disallowed by both the lower authorities u/s.37 Explanation. Case law M/s.Dhanalakshmi Bank (2005) 277 ITR (ST) 3 holds that such a penalty imposed by the RBI in regular banking business activities does not attract the impugned disallowance u/s.37

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

14. Next comes the issue of RBI penalty imposed for non- compliance of regulatory instructions amounting to Rs.3 crore, which has been disallowed by both the lower authorities u/s.37 Explanation. Case law M/s.Dhanalakshmi Bank (2005) 277 ITR (ST) 3 holds that such a penalty imposed by the RBI in regular banking business activities does not attract the impugned disallowance u/s.37

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

14. Next comes the issue of RBI penalty imposed for non- compliance of regulatory instructions amounting to Rs.3 crore, which has been disallowed by both the lower authorities u/s.37 Explanation. Case law M/s.Dhanalakshmi Bank (2005) 277 ITR (ST) 3 holds that such a penalty imposed by the RBI in regular banking business activities does not attract the impugned disallowance u/s.37

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

14. Next comes the issue of RBI penalty imposed for non- compliance of regulatory instructions amounting to Rs.3 crore, which has been disallowed by both the lower authorities u/s.37 Explanation. Case law M/s.Dhanalakshmi Bank (2005) 277 ITR (ST) 3 holds that such a penalty imposed by the RBI in regular banking business activities does not attract the impugned disallowance u/s.37

ACIT, KOCHI vs. FEDERAL BANK LTD, ALUVA

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

Section 14A of the Act which is based on the theory of apportionment of expenditure between taxable and non-taxable income as held in ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 14 of 28 Walfort Share & Stock Brokers (P.) Ltd. case. Therefore, to that extent, depending upon the facts

ACIT, KOCHI vs. FEDERAL BANK LTD, ALUVA

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

Section 14A of the Act which is based on the theory of apportionment of expenditure between taxable and non-taxable income as held in ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 14 of 28 Walfort Share & Stock Brokers (P.) Ltd. case. Therefore, to that extent, depending upon the facts

ACIT, KOCHI vs. FEDERAL BANK LTD, ALUVA

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

Section 14A of the Act which is based on the theory of apportionment of expenditure between taxable and non-taxable income as held in ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 14 of 28 Walfort Share & Stock Brokers (P.) Ltd. case. Therefore, to that extent, depending upon the facts

THE ACIT, KOCHI vs. THE FEDERAL BANK LTD, ERNAKULAM

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

Section 14A of the Act which is based on the theory of apportionment of expenditure between taxable and non-taxable income as held in ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 14 of 28 Walfort Share & Stock Brokers (P.) Ltd. case. Therefore, to that extent, depending upon the facts

THE FEDERAL BANK LTD,ALUVA vs. THE ACIT, KOCHI

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

Section 14A of the Act which is based on the theory of apportionment of expenditure between taxable and non-taxable income as held in ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 14 of 28 Walfort Share & Stock Brokers (P.) Ltd. case. Therefore, to that extent, depending upon the facts

THE FEDERAL BANK LTD,ALUVA vs. THE ACIT, KOCHI

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

Section 14A of the Act which is based on the theory of apportionment of expenditure between taxable and non-taxable income as held in ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 14 of 28 Walfort Share & Stock Brokers (P.) Ltd. case. Therefore, to that extent, depending upon the facts

THE FEDERAL BANK LTD,ALUVA vs. THE ACIT, KOCHI

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

Section 14A of the Act which is based on the theory of apportionment of expenditure between taxable and non-taxable income as held in ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 14 of 28 Walfort Share & Stock Brokers (P.) Ltd. case. Therefore, to that extent, depending upon the facts

THE FEDERAL BANK LTD,ALUVA vs. THE ACIT, KOCHI

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

Section 14A of the Act which is based on the theory of apportionment of expenditure between taxable and non-taxable income as held in ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 14 of 28 Walfort Share & Stock Brokers (P.) Ltd. case. Therefore, to that extent, depending upon the facts

THE FEDERAL BANK LTD,ALUVA vs. THE ACIT, KOCHI

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

Section 14A of the Act which is based on the theory of apportionment of expenditure between taxable and non-taxable income as held in ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 14 of 28 Walfort Share & Stock Brokers (P.) Ltd. case. Therefore, to that extent, depending upon the facts