BANK OF INDIA,MUMBAI vs. THE NATIONAL FACELESS ASSESSMENT CENTRE, MUMBAI

vii) of the Act. Accordingly, the impugned addition made by the AO on\nthis issue is deleted. As a result, Ground No.5, raised in assessee's appeal, is\nallowed.\n40. Ground No.6, raised in assessee's appeal, pertains to the applicability\nof the provisions of section 115-JB of the Act to the assessee bank.\n41. During the hearing

DY. COMMISSIONER OF INCOME TAX CIRCLE - 3(3)(1), MUMBAI, MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, MUMBAI

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

vii)(a)(c) and Clause (viii) were placed on par. The amendment did not change the character of the deduction but changed the method of computation. By the amendment, an Assessee was permitted to compute deduction at 40% of the profits derived out of business and not 40% of the total income. This was a significant shift in the method

DY. COMMISSIONER OF INCOME TAX CIRCLE - 3(3)(1), MUMBAI, MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, MUMBAI

vii)(a)(c) and Clause (viii) were placed on par. The\namendment did not change the character of the deduction but changed the method of\ncomputation. By the amendment, an Assessee was permitted to compute deduction at\n40% of the profits derived out of business and not 40% of the total income. This was\na significant shift in the method

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 3(3)(1),MUMBAI, MUMBAI

vii)(a)(c) and Clause (viii) were placed on par. The\namendment did not change the character of the deduction but changed the method of\ncomputation. By the amendment, an Assessee was permitted to compute deduction at\n40% of the profits derived out of business and not 40% of the total income. This was\na significant shift in the method

DY. COMMISSIONER OF INCOME TAX CIRCLE - 3(3)(1), MUMBAI , MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, MUMBAI

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

vii)(a)(c) and Clause (viii) were placed on par. The amendment did not change the character of the deduction but changed the method of computation. By the amendment, an Assessee was permitted to compute deduction at 40% of the profits derived out of business and not 40% of the total income. This was a significant shift in the method

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 3(3)(1),MUMBAI, MUMBAI

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

vii)(a)(c) and Clause (viii) were placed on par. The amendment did not change the character of the deduction but changed the method of computation. By the amendment, an Assessee was permitted to compute deduction at 40% of the profits derived out of business and not 40% of the total income. This was a significant shift in the method

DY. COMMISSIONER OF INCOME TAX CIRCLE - 3(3)(1), MUMBAI, MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, MUMBAI

vii)(a)(c) and Clause (viii) were placed on par. The\namendment did not change the character of the deduction but changed the method of\ncomputation. By the amendment, an Assessee was permitted to compute deduction at\n40% of the profits derived out of business and not 40% of the total income. This was\na significant shift in the method

DY. COMMISSIONER OF INCOME TAX CIRCLE - 3(3)(1), MUMBAI, MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, MUMBAI

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

vii)(a)(c) and Clause (viii) were placed on par. The amendment did not change the character of the deduction but changed the method of computation. By the amendment, an Assessee was permitted to compute deduction at 40% of the profits derived out of business and not 40% of the total income. This was a significant shift in the method

ACIT (LTU)-1, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, appeal of the assessee is allowed

vii) in earlier years is not taxable.\nAccordingly, the AO is directed to delete the addition made in this regard.\"\n5.2 Respectfully following the findings of the coordinate bench, we direct the AO to\ndelete the impugned addition. Ground No. 2 is allowed.\"\n11. Ground No. 2 with its sub-grounds are accordingly allowed.\n12. Ground No. 3 relates

DY..C.I.T., BANGALORE vs. M/S STATE BANK OF MYSORE, BANGALORE

In the result, the appeal of the Revenue Ground-3 is dismissed

vii) as the assessee has been claiming the said deduction since\nAY 2008-09, the assessee has claimed deduction u/s.36(1)(viii) since AY 2008-09 by\nconsistently using the same method by using the turnover / gross income as the\nsame allocation key. The revenue authorities in past years as well have examined\nthe said method / ratio and have accepted

STATE BANK OF MYSORE,BANGALORE vs. JCIT, BANGALORE

In the result, the appeal of the Revenue Ground-3 is dismissed

Bench: Shri Narendra Kumar Billaiya, Account Member & Shri Anikesh Banerjeestate Bank Of India Vs Joint Commissioner Of Income-Tax, (Erstwhile State Bank Of Large Tax Payers Unit, Bangalore Mysore Prior To Merger) Local Head Office Compliance Department, 4Th Floor, 65, St. Marks Road, Bangalore-560 001 Pan: Aaccs0155P Appellant Respondent Deputy Commissioner Of Vs State Bank Of Mysore Income-Tax, Ltu, Circle-1, Head Office, Finance & Accounts Bangalore Department, Kg Road, Bangalore- 560 009 Pan: Aaccs0155P Appellant Respondent

vii) as the assessee has been claiming the said deduction since AY 2008-09, the assessee has claimed deduction u/s. 36(1)(viii) since AY 2008-09 by 27 ITA 660 & 683/Bang /2015 State Bank of India / State Bank of Mysore consistently using the same method by using the turnover / gross income as the same allocation key. The revenue authorities

M/S UNION BANK OF INDIA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-(LTU)-2, MUMBAI, MUMBAI

In the result, the appeal of the revenue is dismissed

vii). then if the\namount subsequently recovered on any such debt is greater than the difference\nbetween the debt and the amount so allowed, the excess shall be deemed to be profits\nand gains of business and, accordingly, chargeable to income-tax as the income of\nthe previous year in which it is recovered. In the circumstances, the Assessing Officer

ACIT CIRCLE ,3(4), MUMBAI, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, the appeal of the revenue is dismissed

vii). then if the\namount subsequently recovered on any such debt is greater than the difference\nbetween the debt and the amount so allowed, the excess shall be deemed to be profits\nand gains of business and, accordingly, chargeable to income-tax as the income of\nthe previous year in which it is recovered. In the circumstances, the Assessing Officer

M/S UNION BANK OF INDIA,MUMBAI vs. DCIT, CIRCLE-(LTU) 2, MUMBAI

In the result, the appeal of the revenue is dismissed

vii). then if the\namount subsequently recovered on any such debt is greater than the difference\nbetween the debt and the amount so allowed, the excess shall be deemed to be profits\nand gains of business and, accordingly, chargeable to income-tax as the income of\nthe previous year in which it is recovered. In the circumstances, the Assessing Officer

ACIT, CIRCLE -3(4), MUMBAI, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, the appeal of the revenue is dismissed

vii). then if the\namount subsequently recovered on any such debt is greater than the difference\nbetween the debt and the amount so allowed, the excess shall be deemed to be profits\nand gains of business and, accordingly, chargeable to income-tax as the income of\nthe previous year in which it is recovered. In the circumstances, the Assessing Officer

DCIT - 1(1)(2), MUMBAI vs. HOUSING DEVELOPMENT FINANCE CORPORARTION LTD., MUMBAI

vii) of the Act. \nXXIII. Addition of interest income on income-tax refund. \nXXIV. Dropping penalty proceeding initiated u/s.270A of the Act. \nXXV. Penalty imposed u/s.271(1)(c) on disallowance on deduction \nu/s.36(1)(viii) \n\n3. \nRelevant grounds for each of the assessment years, both in the \ncase of appeals by assessee and by Revenue for each

DCIT-2(3)(1), MUMBAI vs. KOTAK MAHINDRA BANK LIMITED, MUMBAI

In the result the appeal filed by the assessee in ITA No

vii) restricts the deduction of the same\n7.\nWhether on the fact and the circumstances of the case and law, the Hon'ble ITAT\nwas correct in allowing provision on standard assets of Rs. 41.36 crs. When in fact\nstandard assets are neither bad nor doubtful as required by section 36(1) (viia) of the Act\n8.\nOn the facts

KOTAK MAHINDRA BANK LIMITED,MUMBAI vs. ADD/JOINT/DEPUTY/ACIT, NATIONAL E-ASSESSMENT CENTRE, DELHI

vii) restricts the deduction of the same\n7.\nWhether on the fact and the circumstances of the case and law, the Hon'ble ITAT\nwas correct in allowing provision on standard assets of Rs. 41.36 crs. When in fact\nstandard assets are neither bad nor doubtful as required by section 36(1) (viia) of the Act\n8.\nOn the facts