PR.COMM.OF INCOME TAX vs. M/S THE JAMMU AND KASHMIR BANK LTD.
The appeals are dismissed
ITA/6/2017HC J&K13 Jul 2023
Bench: HON'BLE MR. JUSTICE SANJEEV KUMAR,HON'BLE MR. JUSTICE JAVED IQBAL WANI
Section 194ASection 194A(3)(f)Section 260ASection 40
2.
For both the assessment years i.e 2010-11 and 2011-12, the Joint
Commissioner of Income Tax, Range-1 Jammu [‘the Assessing Authority’]
decided the issue in favour of the Revenue and held that the Jammu
Development Authority [‘JDA’] is a Local Authority which is not exempt from
payment of tax and, therefore, the assessee-Bank was under
