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2 results for “capital gains”+ Section 36(1)(viia)clear

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Key Topics

Section 36(1)(viia)6Section 36(1)(vii)6Section 2603Section 14A3Section 260A2Section 41(1)2Section 143(3)2Deduction2Addition to Income2

COMMISSIONER OF INCOME TAX-III vs. M/S SYNDICATE BANK

The appeals are disposed of

ITA/256/2011HC Karnataka24 Jan 2020

Bench: ALOK ARADHE,RAVI V HOSMANI

Section 260Section 260ASection 36(1)(vii)Section 36(1)(viia)

capital gains. Notices under Section 143(2) / 142(1) of the Act were issued to the Assessee an order under Section 143(3) of the Act was passed on 28.02.2005 disallowing an amount of Rs.192,53,21,426/- on reversal of interest pertaining to earlier years as deduction out of current years income and added back to interest on zero

THE COMMISSIONER OF INCOME TAX vs. M/S. STATE BANK OF MYSORE

In the result, the order passed by the tribunal

ITA/355/2013
HC Karnataka
15 Oct 2020

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 143(3)Section 14ASection 2(24)(x)Section 260Section 260ASection 263Section 36Section 36(1)(vii)Section 36(1)(viia)Section 41(1)

viia) of the Act, the subsequent recoveries are not taxable under Section 41(1) or Section 41(4) of the Act. It was further held that disallowance under Section 14A of the Act towards borrowed fund on investment should be restricted to 2% of the interest on tax free bonds. The Commissioner of Income Tax (Appeals) deleted the disallowance