STATE BANK OF MYSORE,BANGALORE vs. JCIT, BANGALORE

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

depreciation on Automated Tailor Machine (ATM) and 3 other computer peripherals by reclassifying as Plant & Machinery Disallowance of certain liabilities by treating as contingent liability 4 Disallowance of deduction under section 36(1)(viii) 5 Disallowance of unamortized incremental payment / contribution to 6 approved gratuity fund and payment/contribution to approved pension fund Disallowance of contribution to retired employees medical benefit

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 Automated Tailor Machine (ATM) and 3 other computer peripherals by reclassifying as Plant & Machinery Disallowance of certain liabilities by treating as contingent liability 4 Disallowance of deduction under section 36(1)(viii) 5 Disallowance of unamortized incremental payment / contribution to 6 approved gratuity fund and payment/contribution to approved pension fund Disallowance of contribution to retired employees medical benefit

DOW CHEMICALS INTERNATIONAL PRIVATE LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TA-14(1)(2), MUMBAI

In the result, the appeal by the assessee for the

depreciation claim.", "result": "Allowed", "sections": [ "Section 32(1)(ii)", "Section 250", "Section 143(3)", "Section 143(1)", "Section 36(1)(va)", "Section 43

ACIT - 14(2) (2), MUMBAI vs. PFIZER LTD, MUMBAI

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

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Pfizer Limited The Capital, 1802/1901, Acit-14(2)(2) Plot No.C-70, G-Block, 461, 4T H Floor, Aaykar Bhavan Bandra Kurla Complex, Vs. Mumbai-400 020 Bandra (East), Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaacp3334M

depreciation', in the case of any block of assets, is to be computed on the written down value. According to Explanation 2 of section 32(1) "written down value of the block of assets" shall have the same meaning as in section 43

PFIZER LTD,MUMBAI vs. DCIT - 14(2) (2), MUMBAI

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

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Pfizer Limited The Capital, 1802/1901, Acit-14(2)(2) Plot No.C-70, G-Block, 461, 4T H Floor, Aaykar Bhavan Bandra Kurla Complex, Vs. Mumbai-400 020 Bandra (East), Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaacp3334M

depreciation', in the case of any block of assets, is to be computed on the written down value. According to Explanation 2 of section 32(1) "written down value of the block of assets" shall have the same meaning as in section 43

DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED,THANE vs. DEPUTY COMMISSIONER OF INCOME TAX - 14(1)(2), MUMBAI

section 43(1) of the Act and provides\nthat actual cost of the block of assets in the case of amalgamated company\nshall be the Written Down Value of the block of assets in the case of\namalgamating company for the immediately preceding previous year as\nreduced by the amount of depreciation

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 on investment amounting to ₹46,19,11,355/-. iv. Excess deduction allowed under Section 36(1)(viia) of the Act of ₹159,22,24,604/- by allowing the claim despite assessee not revising its return of income for new claim which is against the decision of Hon'ble Supreme Court in Goetz India Limited [284 ITR 323]. v. Excess

DENA BANK,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX 2, MUMBAI

In the result, appeal filed by the assesse is allowed

Bench: Shri G. Manjunatha & Shri Ravish Sooddena Bank Vs. Pcit-2 Room No.344, 3Rd Floor Accounts Department Dena Bank Building Aaykar Bhawan 2Nd Floor M.K.Road 17/B, Horniman Circle Mumbai-400 020 Fort, Mumbai-400 023 Pan/Gir No.Aaacd4249B Appellant) .. Respondent)

depreciation on value of investments and re- computation of deduction claimed u/s 36(1)(viia) and 36(1)(viii), in respect of provisions of bad debts, as well as bad debt written off. 4. Subsequently, the Ld.PCIT-2, Mumbai has issued a show cause notice u/s 263 of the I.T.Act, 1961 and called upon the assessee to explain

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

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed, as indicated above

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

1 (Bom). 43. As regards to the ground Nos. 7 and 8 of the Department’s appeal challenges the finding of the CIT(A) deleting the disallowance as per rule 8D(2)(ii) of the Rules and directions in connection with applicability of rule 8D(2)(iii) of the Rules. It was contended that the investments held by the assessee

GATI KINTETSU EXPRESS PRIVATE LIMITED ,MAHARASHTRA AND MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE 14(1)(2), MUMBAI, MAHARASHTRA AND MUMBAI

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

section 43(1) of the Act, to hold that assessee is not entitled for depreciation on the Goodwill recognised. For ready

GATI KINTETSU EXPRESS PRIVATE LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CIRCLE 14(1)(2), MUMBAI, MUMBAI

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

section 43(1) of the Act, to hold that assessee is not entitled for depreciation on the Goodwill recognised. For ready

GATI KINTETSU EXPRESS PRIVATE LIMITED ,MAHARASHTRA AND MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE 14(1)(2), MUMBAI, MAHARASHTRA AND MUMBAI

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

section 43(1) of the Act, to hold that assessee is not entitled for depreciation on the Goodwill recognised. For ready

GATI KINTETSU EXPRESS PRIVATE LIMITED,MUMBAI vs. DY.COMMISSIONER OF INCOME , CIRLCE 14(1)(2)TAX, MUMBAI

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

section 43(1) of the Act, to hold that assessee is not entitled for depreciation on the Goodwill recognised. For ready

NAVNIDHI STEEL AND ENGG CO. P.LTD,MUMBAI vs. DCIT 5(2)(1), MUMBAI

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2007-08

depreciation allowance has been computed. Explanation 2.—Production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by 37 Navnidhi Steel & Engg. Co. Pvt. Ltd. the Assessing Officer will not neces-sarily amount to disclosure within the meaning of this section." 16. Section 147 authorises and permits

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

1 and held as under:- "25. ...The Punjab and Haryana High Court, in the case of Pr CIT v. State Bank of Patiala [2017) 88 taxmann.com 667/393 ITR 476 (Puni. & Har.) while adverting to the CBDT Circular, concluded correctly that shares and securities held by a bank are stock-in-trade, and all income received on such shares and securities

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

1 and held as under:- "25. ...The Punjab and Haryana High Court, in the case of Pr CIT v. State Bank of Patiala [2017) 88 taxmann.com 667/393 ITR 476 (Puni. & Har.) while adverting to the CBDT Circular, concluded correctly that shares and securities held by a bank are stock-in-trade, and all income received on such shares and securities

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

43,086/- 12. On this issue, the assessee claimed depreciation under section 32 of the Act at 60% by treating the ATMs and the UPS as a part of the computer machinery. The Ld.AR stated that both ATM and UPS will not be functional without the help of computer. But the Ld.AO has treated these items in category of plant

EVEREST INDUSTIRES LTD,NEW DELHI vs. JCIT RG 1, MUMBAI

In the result, the appeal of the revenue is treated as allowed and the appeal of the assessee is treated as partly allowed

Bench: S/Shri B.R. Baskaran (Am) & Ramlal Negi (Jm)

section 43(1) of the I.T. Act for the purpose of computing depreciation. 10. We have noticed earlier that the learned