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

iii) of the Rules." 8. Thereafter, in the case of PCIT vs. PNB Housing Finance Ltd.(supra) the Hon'ble Delhi High Court again following the decision rendered in the case Maxopp Investment Ltd. vs. CIT(supra) and the decision of Hon'ble Apex Court in the case of South Indian Bank Ltd. (supra) held that no disallowance

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

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

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

depreciation on additions to computers and software expenses and allow the claim in accordance with law. The assessee is directed to file the relevant documents and evidences as may be called for and cooperate with the assessment proceedings. It is ordered accordingly. Disallowance of certain liabilities by treating as contingent liability – Ground No.4 in assessee's appeal State Bank

STATE BANK OF MYSORE,BANGALORE vs. JCIT, BANGALORE

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

depreciation on additions to computers and software expenses and allow the claim in accordance with law. The assessee is directed to file the relevant documents and evidences as may be called for and cooperate with the assessment proceedings. It is ordered accordingly. Disallowance of certain liabilities by treating as contingent liability – Ground No.4 in assessee's appeal State Bank

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

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

depreciation, we have already held that the claim of the assessee is allowable. The matter is remanded to the file of the Ld. AO for the limited purpose of verification, and the 22 ITA 660 & 683/Bang /2015 State Bank of India / State Bank of Mysore assessee shall be afforded a reasonable opportunity of being heard in the set-aside proceedings

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

depreciation, we\nhave already held that the claim of the assessee is allowable. The matter is\nremanded to the file of the Ld. AO for the limited purpose of verification, and the\nassessee shall be afforded a reasonable opportunity of being heard in the set-aside\nproceedings.\n17. In the result, Ground No. 3 of the assessee's appeal

INCOME TAX OFFICER WARD- 2(1)(3), MUMBAI vs. KAMAT HOTELS INDIA LIMITED, MUMBAI

Bench: SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 36(1)(iii) of the Act. Learned CIT(A) further erred in not appreciating that under the law, in a case when loan is given out of mixed funds and the net owned funds of the assessee are more than the borrowed funds, it is reasonable to presume that the loan was given out of own funds. e. Learned

KAMAT HOTELS (INDIA) LIMITED,VILE PARLE MUMBAI vs. ACIT, MUMBAI MAHARASHTRA

Bench: SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 36(1)(iii) of the Act. Learned CIT(A) further erred in not appreciating that under the law, in a case when loan is given out of mixed funds and the net owned funds of the assessee are more than the borrowed funds, it is reasonable to presume that the loan was given out of own funds. e. Learned

KAMAT HOTELS (INDIA) LIMITED,MUMBAI vs. ACIT, MUMBAI

Bench: SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 36(1)(iii) of the Act. Learned CIT(A) further erred in not appreciating that under the law, in a case when loan is given out of mixed funds and the net owned funds of the assessee are more than the borrowed funds, it is reasonable to presume that the loan was given out of own funds. e. Learned

ABBOTT HEALTHCARE PRIVATE LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), MUMBAI

In the result, Ground No. 3 with its Sub-Grounds is allowed for statistical purposes

Bench: Shri Narender Kumar Choudhry & Shri Gagan Goyalabbott Healthcare Pvt. Ltd. 3, Corporate Park, Sion Trombay Road, Mumbai - 400 071 Pan: Aaack3935D ..... Appellant Vs. Acit 2(1) (1) R. No. 561, 5Th Floor, Aayakar Bhavan, Maharishi Karve Marg, Mumbai- 400 020 ..... Respondent & Acit 2(1) (1) R. No. 561, 5Th Floor, Aayakar Bhavan, Maharishi Karve Marg, Mumbai- 400 020 ...... Appellant Vs.

iii) in respect of a deduction, where such deduction exceeds specified statutory limit which may have been expressed as monetary amount or percentage or ratio or fraction; (b) The acknowledgement of the return shall be deemed to be the intimation in a case where no sum is payable by, or refundable to, the assessee under clause (c), and where

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

Section 36(1) (vii). iii. Failed to disallow the provision for depreciation on investment amounting to ₹46,19,11,355/-. iv. Excess

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

The appeal of the assessee is partly allowed

iii) income by way of interest / discount etc. from temporary deployment of funds\nin treasury operations (refer Ground Nos. 2.1 to 2.3 of the Concise Grounds\nof Appeal)\n(c) Whether the deduction allowable for interest paid on foreign currency borrowings\nand provision for contingencies should also be allocated as deductible against\nincome which is alleged to be ineligible

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

depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from

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

depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from

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)

depreciation on appreciation in the value of securities held as available for sale by treating the same for trading category. So ground No.6 is determined in favour of the assessee. Grounds No.7.1 & 7.2 of ITA No.3685/M/2013 (Assessee’s appeal) 30. The AO by invoking the provisions contained under section 41(iv) of the Act taxed the recovery of bad debts

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)

depreciation on appreciation in the value of securities held as available for sale by treating the same for trading category. So ground No.6 is determined in favour of the assessee. Grounds No.7.1 & 7.2 of ITA No.3685/M/2013 (Assessee’s appeal) 30. The AO by invoking the provisions contained under section 41(iv) of the Act taxed the recovery of bad debts

BANK OF INDIA,MUMBAI vs. JT. CIT (OSD)-2(1)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri Vikas Awasthy & Shri S. Rifaur Rahman: A.Y : 2014-15

Section 36(1)(vii) of the Act in accordance with the findings/observations given in its order; (iii) make adjustment to book profits in respect of profit of foreign branches and provisions in accordance with the findings/observations in its order. 15 Bank of India 15. Aggrieved with the above order, assessee is in appeal before us raising the following grounds