ACIT, CIRCLE-2(1)(1), MUMBAI vs. M/S BANK OF INDIA, MUMBAI

In the result, the appeal by the Revenue for the assessment year 2018-

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailita No.1452/Mum/2023 Assessment Year : 2016-17 Assessment Year : 2018-19

depreciation u/s. 32 of the Act on the same and reduce the total income accordingly. 46. Learned counsel for the assessee fairly submits that, as on now, the issue is covered, against the assessee, by decisions of the coordinate benches, and he does not, therefore, press the issue any further. Obviously, however, he retains his right to carry the matter

BANK OF INDIA,MUMBAI vs. ACIT-2(1)(2), MUMBAI

In the result, the appeal by the Revenue for the assessment year 2018-

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailita No.1452/Mum/2023 Assessment Year : 2016-17 Assessment Year : 2018-19

depreciation u/s. 32 of the Act on the same and reduce the total income accordingly. 46. Learned counsel for the assessee fairly submits that, as on now, the issue is covered, against the assessee, by decisions of the coordinate benches, and he does not, therefore, press the issue any further. Obviously, however, he retains his right to carry the matter

ICICI BANK LTD.,MUMBAI vs. THE DY CIT -2(3)(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Icici Bank Ltd. The Dy. Commissioner Of Icici Bank Towers, Income-Tax 2(3)(1) Bandra Kurla Complex, Aaykar Bhavan, Vs. 5Th Floor, Room No.552, Badra (East), Mumbai-400 051 M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaaci1195H

Depreciation of investments of Rs.46,19,11,355. (d) Deduction allowed under section 36(1) (viia) of Rs. 159,22,24,604. (e) Excess

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

depreciation u/s. 32 of the Act on the same and reduce the total income accordingly.\n46. Learned counsel for the assessee fairly submits that, as on now, the issue is covered, against the assessee, by decisions of the coordinate benches, and he does not, therefore, press the issue any further. Obviously, however, he retains his right to carry the matter

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

In the result, appeal of the assessee is allowed

36(1)(viia) of the Act.\nAccordingly, ground no.7, raised in assessee's appeal is allowed.\nRespectfully following the decision of the Co-ordinate Bench,\nGround No. 3 is allowed.\n17. Ground No. 4 relates to the applicability of provisions of Section\n115JB of the Act. This issue has been considered by the Co-ordinate Bench\nin assessee

ACIT, CIRCLE-2(1)(1), MUMBAI vs. M/S BANK OF INDIA, MUMBAI

section 36(1)(iii) of the Act observed as\nfollows: -\n\"16 We have heard rival submission of the parties on the issue in dispute and\nperused the relevant material on record. As far as argument of rule of\nconsistency is concerned, the Ld. CIT(A) has rejected the contention of the\nassessee following the decision

DCIT 2(2), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

section 36(l)(viia) as proposed by the Finance Bill 2013 which is applicable from assessment years 2014-15 onwards. 6 The learned CIT(A) erred in upholding the action of the Assessing Officer in reducing depreciation

STATE BANK OF INDIA,MUMBAI vs. DCIT CIR 2(2), MUMBAI

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

section 36(l)(viia) as proposed by the Finance Bill 2013 which is applicable from assessment years 2014-15 onwards. 6 The learned CIT(A) erred in upholding the action of the Assessing Officer in reducing depreciation

ASST CIT CIR 2(2)(1), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

36(1) as inserted by the Finance Act, 2013 which is applicable from assessment years 2014-15 onwards. 6. Depreciation on securities The learned CIT(A) erred in upholding the action of the Assessing Officer in reducing depreciation/taxing appreciation in the value of securities held as Available for Sale (AFS) and Held for Trading (HFT) category. 7. Depreciation under section

STATE BANK OF INDIA,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

36(1) as inserted by the Finance Act, 2013 which is applicable from assessment years 2014-15 onwards. 6. Depreciation on securities The learned CIT(A) erred in upholding the action of the Assessing Officer in reducing depreciation/taxing appreciation in the value of securities held as Available for Sale (AFS) and Held for Trading (HFT) category. 7. Depreciation under section

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

section 36(1)(viia) of the Act and Rule 6ABA of the IT Rules. g) The learned CIT(A) erroneously interpreted the provisions of the Rule 6ABA of the IT Rules and stated that if the outstanding balance of advances is to be reckoned for calculating Aggregate Average Advances, then the denominator should also include the months of the preceding

STATE BANK OF INDIA,MUMBAI vs. ASST CIT CIR 2(2), MUMBAI

In the result, appeal of the Revenue in ITA No

section 80HHC of the Act. The Supreme Court held that the profit earned by valuing finished goods is notional imaginary profit which could not be taxed. In view of the above, it is argued that appreciation in value of investments cannot be taken into account. The netting off of appreciation against the depreciation within a classification is therefore contrary

HOUSING DEVP. FIN.CORPN. LTD. vs. THE ADIT CIR. 1(1),

The appeal of the assessee is partly allowed

section 36(1)(viii) of the Act.\nThe income from housing finance has been arrived at as under:-\n1\nInterest on loans\nOther loans\n842,91,65,895\nInterest on loans against Deposit\n2,65,62,315\n2\nFee Income:\nProcessing, Administrative Fees & Commitment Charges\n38,22,97,399\nPrepayment Charges\n4,01,28,320\nAPF Fees\n1,36

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

section 36(1)(viia) of the Act and Rule 6ABA of the IT Rules.\ng) The learned CIT(A) erroneously interpreted the provisions of the Rule 6ABA of\nthe IT Rules and stated that if the outstanding balance of advances is to be\nreckoned for calculating Aggregate Average Advances, then the denominator\nshould also include the months of the preceding

SHETH CREATORS PVT LTD.,MUMBAI vs. DY. CIT CENTRAL CIRCLE 4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation

SHETH CREATORS PVT. LTD.,MUMBAI vs. DY CIT CENT. CIR-4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation

SHETH CREATORS PVT LTD.,MUMBAI vs. DY. CIT CENTRAL CIRCLE 4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation

SHETH CREATORS P. LTD.,MUMBAI vs. DY CIT CENTRAL CIRCLE-4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation