ICICI BANK LIMITED ,MUMBAI vs. THE ASST. CIT CIRCLE 2(3)(2), MUMBAI

In the result, the appeal of the assessee is allowed while for the appeal of the revenue stand dismissed

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalicici Bank Limited Vs. The Acit, Circle 2(3)(2) Icici Bank Towers Aayakar Bhavan, 5Th Bandra Kurla Complex Floor, Room No. 552/556 Bandra (East) Mumbai – 400 020 Mumbai – 400 051 स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No: Aaaci1195H Appellant .. Respondent The Acit, Circle 2(3)(2) Vs. Icici Bank Limited Aayakar Bhavan, 5Th Icici Bank Towers Floor, Room No. 552 Bandra Kurla Complex Mumbai – 400 020 Bandra (East) Mumbai – 400 051 स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No: Aaaci1195H Respondent .. Appellant

43D(a) that in the case of public financial institutions or schedule bank or a state financial corporation or a State Industrial Investment Corporation, the income by way of interest in relation to such categories of bad and doubtful debt as may be prescribed having regard to the guidelines issued by the RBI in relation to such debts. Therefore, both

OBEROI FOUNDATION,MUMBAI vs. CIT (E), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleoberoi Foundation V. Cit (Exemptions) Commerz, 3Rd Floor 6Th Floor, Piramal Chambers International Business Park Lalbaug, Mumbai – 400 012 Oberoi Garden City, Off. W.E. Highway Goregaon (E), Mumbai - 400063 Pan: Aaato1684L (Appellant) (Respondent) Assessee Represented By : Shri Vijay Mehta Department Represented By : Shri K.C. Salvamani

43D under the head 'Income from business and profession'. Section 11(1) starts with "subject to the provisions of sections 60 to 63……..". It means that sections 60 to 63 would have overriding effect if there is a conflict between sections 11 to 13 and sections 60 to 63. However, the application under section

BANK OF BARODA,MUMBAI vs. ACIT 2 (1)(1), MUMBAI

In the result, the appeal by the Revenue is dismissed

43D of the Act in respect of NPA is to be computed as per\nthe RBI guidelines. As a result, ground no.3 raised in assessee's appeal is\nallowed.\n20. The issue arising in ground No. 4 raising assessee's appeal pertains to\napplicability for the provisions of section 115JB of the Act to the assessee\nbank.\n21. During

ACIT CIR 2(1)(1), MUMBAI vs. BANK OF BARODA, MUMBAI

In the result, the appeal by the Revenue is dismissed

Bench: Shri Amarjit Singhshri Sandeep Singh Karhailbank Of Baroda, C-26, G-Block, Baroda Corporate Centre, Bandra Kurla Complex, Bandra (East), Mumbai-400051. ……………. Appellant Pan: Aaacb 1534 F V/S Acit, 2(1)(1), ……………. Respondent Mumbai-400051. Acit, Circle - 2(1)(1), Room No. 561, 5Th Floor, Aayakar Bhavan, M.K. Road, ……………. Appellant Mumbai-400020. V/S Bank Of Baroda, C-26, G-Block, Baroda Corporate Centre, Bandra ……………. Respondent Kurla Complex, Bandra (East), Mumbai-400051. Pan: Aaacb 1534 F

43D of the Act in respect of NPA is to be computed as per the RBI guidelines. As a result, ground no.3 raised in assessee’s appeal is allowed. 20. The issue arising in ground No. 4 raising assessee’s appeal pertains to applicability for the provisions of section 115JB of the Act to the assessee bank. 21. During

IDBI BANK LTD.,,MUMBAI vs. ACIT-LTU(2), MUMBAI, MUMBAI

In the result, appeal of the revenue is dismissed

Bench: Shri Kuldip Singh & Shri Gagan Goyalidbi Bank Ltd. 22Nd Floor, Idbi Tower, Wtc Complex, Cuffe Parade, Mumbai- 400 005. Pan: Aabci8842G ..... Appellant Vs. Acit Ltu (2) World Trade Centre, Cuffe Parade, Mumbai ..... Respondent

68,39,275/- from investment in tax free bonds, which has been claimed as exempt under section 10(15) of the Act. 3.2 On further perusal of the details furnished by the assessee company, it is seen that the assessee company has not disallowed any expenses u/s. 14A of the Act in respect of exempt income earned during

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

In the result, appeal of the revenue is dismissed

Bench: Shri G.S. Pannu & Shri Pawan Singhstate Bank Of India Acit Circle (2)(2), Financial Reporting, Compliance & Mumbai. Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent) Acit Circle (2)(2), State Bank Of India Mumbai. Financial Reporting, Compliance & Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent)

43D was a charging section, that the order of the FAA was in accordance with the provisions of the Act. 7.2. We have heard the rival submissions and perused the material before us. We find that the claim made by the assessee of double disallowance of the same amount has not been considered. Therefore, in the interest of justice

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

In the result, appeal of the revenue is dismissed

Bench: Shri G.S. Pannu & Shri Pawan Singhstate Bank Of India Acit Circle (2)(2), Financial Reporting, Compliance & Mumbai. Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent) Acit Circle (2)(2), State Bank Of India Mumbai. Financial Reporting, Compliance & Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent)

43D was a charging section, that the order of the FAA was in accordance with the provisions of the Act. 7.2. We have heard the rival submissions and perused the material before us. We find that the claim made by the assessee of double disallowance of the same amount has not been considered. Therefore, in the interest of justice

DBS BANK LTD (DBS BANK LTD., INDIA BRANCHES NOW CONVERTED INTO DBS BANK INDIA LTD),MUMBAI vs. DCIT (INT TXT)-2(1)(2), MUMBAI

In the result, appeal of the assessee in ITA No

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Sunil Kumar Singh, Hon’Ble

sections 28 to 43D of the Income-tax Act?" ******************************************************************************** 8. Appellant made "Provision for NPA" amounting to Rs. 81,68

DCIT CIRCLE- 2(1)(1), MUMBAI vs. M/S BOMBAY DYEING & MANUFACTURING CO. LTD, MUMBAI

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year : 2009-10 & Assessment Year: 2010-11

43D and the said decision are not applicable in the present case? 7. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is correct in deleting the interest even when the jurisdictional High Court in the case of Tata Autocomp Systems Ltd and jurisdictional ITAT in the case of Aurinpro Solution

ACIT, CIRCLE - 2(1)(1) , MUMBAI vs. THE BOMBAY DYEING & MFG. CO. LTD. , MUMBAI

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year : 2009-10 & Assessment Year: 2010-11

43D and the said decision are not applicable in the present case? 7. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is correct in deleting the interest even when the jurisdictional High Court in the case of Tata Autocomp Systems Ltd and jurisdictional ITAT in the case of Aurinpro Solution

ACIT, CIRCLE - 2(1)(1) , MUMBAI vs. THE BOMBAY DYEING & MFG. CO. LTD. , MUMBAI

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year : 2009-10 & Assessment Year: 2010-11

43D and the said decision are not applicable in the present case? 7. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is correct in deleting the interest even when the jurisdictional High Court in the case of Tata Autocomp Systems Ltd and jurisdictional ITAT in the case of Aurinpro Solution

DCIT-3(4), MUMBAI vs. M/S IDBI BANK LTD , MUMBAI

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

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit- 3(4) V. M/S. Idbi Bank Ltd 29Th Floor, Center-1 Central Processing Unit (Tds) World Trade Center, Cuffe Parade Plot No. 82/83, Elemach Bldg Mumbai- 400005 Road No. 7, Street No. 15 Midc, Andheri (E) Mumbai- 400093 Pan: Aabci8842G (Appellant) (Respondent) M/S. Idbi Bank Ltd V. Acit/Dcit-Ltu 22Nd Floor, Idbi Tower 29Th Floor, Centre No. 1 Wtc Complex, Cuffe Parade World Trade Centre, Cuffe Parade Mumbai- 400005 Mumbai- 400005 Pan: Aabci8842G (Appellant) (Respondent)

68,81,013 2,47,65,45,011 It is further noticed that the assessee had demonstrated from the submission that these debt instruments were also redeemed. We also find that facts of the case of Pepsu Road Transport Corporation Vs. CIT 130 ITR 18 (P & H) relied upon by the ld. D.R. are distinguishable from the case

ICICI BANK LIMITED ,MUMBAI vs. THE DY. COMMISSIONER OF INCOME TAX, 2(3)(1), MUMBAI

In the result, the appeal of the assessee is allowed and the appeal of the revenue is dismissed

Bench: Ld Cit(A). Hence Both The Parties Have Filed These Appeals.

section the category of bad and doubtful debts to be prescribed in the Income Tax Rules having regard to the guidelines issued by the RBI in relation to such debts. In 1992 the Rules 6E was framed and as per RBI guidelines the norms for categorization of advances as NPA were those advances which remained over due for more

SHAKUNTALA KAMBLE (LEGAL REPRESENTATIVE OF PREMCHAND KAMBLE),THANE vs. DCIT -CENT. CIR `, THANE

43D is also taken into account. [Indwell Constructions Vs CIT: (1998) 232 ITR 776 (Andhra Pradesh)]. 3.24. In the present case, the Assessing Officer has estimated income according to the best judgment under Section 144 of the Act, and thus, opted to substitute the income that is to be computed under Section 29 of the Act by such

DCIT (IT)-2(1)(2), AIR BUILDING, NARIMAN POINT, MUMBAI vs. DBS BANK LIMITED, MUMBAI

sections 28 to 43D\nof the Income-tax Act?\"\n*********************************************\n8. Appellant made \"Provision for NPA\" amounting to Rs. 81,68

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

68,424/-) 7. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was right in deleting the disallowance of losses written off of Rs 8,22,59,119/, without appreciating the fact that the same did not fulfill the conditions of deduction of s.36(1)(vii) r.w.s

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

68,424/-) 7. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was right in deleting the disallowance of losses written off of Rs 8,22,59,119/, without appreciating the fact that the same did not fulfill the conditions of deduction of s.36(1)(vii) r.w.s

M/S. INDIAN SEAMLESS STEELS & ALLOYS LTD. vs. THE JT CIT S.R.19,

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

43D of the Act. He further noted that on verification of record, it was found that the assessee had claimed depreciation till assessment year 1996–97 and from 1997–98, he was not claiming. According to Assessing Officer, use of the word “shall” in section 32(1) of the Act makes it 5 M/s. Indian Seamless Steels & Alloys

VAIJANTHI MAHAVIR OZA,MUMBAI vs. INCOME TAX OFFICER(IT)-3(3)(1), MUMBAI

In the result, appeal of the assessee in ITA no

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.5799/Mum/2017 (नििाारण वर्ा / Assessment Year: 2014-15) बिाम/ Vaijanthi Mahavir Oza, Income Tax Officer- C/O. Chhajed & Doshi, (International Taxation)- 101, Hubtown Solaris, 3(3)(1) V. N.S Phadke Marg, Room No. 1628, Near East West Flyover, 16Th Floor Andheri (E), Air India Building Mumbai- 400069 Mumbai स्थायी ऱेखा सं./ Pan: Abepo5631J (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. Piyush Chhajjed Revenue By: Miss. Deepika Arora (Dr) सुनवाई की तारीख /Date Of Hearing : 09.01.2019 घोषणा की तारीख /Date Of Pronouncement : 03.04.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 5799/Mum/2017, Is Directed Against Appellate Order Dated 23.06.2017, Passed By Learned Commissioner Of Income Tax (Appeals)-57, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2014-15, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 23.12.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2014-15. I.T.A. No.5799/Mum/2017

68 to 69D of the Act, which provide for a separate charge for such items). 9.4(iii) The first step thus involves the characterisation of income – under what head of income it can be put. If the income is of the nature of salaries and it is to be placed under the head "Salaries" then for chargeability of income under