...that tax on interest was payable on accrual basis. The judgment of the Kerala High Court was affirmed by the Supreme Court in State Bank of Travancore vs CIT reported in...Tax Officer, the income cannot properly be deduced therefrom, the computation shall be made in such manner and on such basis as the income tax officer may determine. In the case of the assessee bank...October 1952, which was rescinded in view of the judgment of the Kerala High Court in the case of State Bank of Travancore vs CIT reported in [1977] 110 ITR 366(Ker), inter alia holding...

...would be subject to the requirements of Section 115JB of the Income Tax Act, 1961? Since the question is already under consideration in one matter, informal paper-books may be prepared by the Revenue so...preferring the appeal is condoned. A similar question arises herein as in ITAT No. 3811 of 2016 which has been admitted: 2Whether a nationalised banking company...that all records used before the Appellate Tribunal can be produced in Court when the appeal appears for hearing in the monthly list of August, 2018. GA No. 2809 of 2016 and GA No...

.... Instead, these were credited to a suspense account on the ground that the realisation of the principal amounts themselves was in jeopardy. The case of the ITO was that the amounts themselves were...nationalised bank deriving income from business in banking activities. 3. The ITO made additions of Rs. 2,38,739, Rs. 12,97,506, and Rs. 18,84,752 to the disclosed income of the assessee..., however, respectfully following the decision of the Supreme Court in the case of State Bank of Travancore vs. CIT (1986) 158 ITR 102 (SC...

...penalty of Rs. 25,40,000, being roughly equivalent to one hundred percent of the tax sought to be evaded, was imposed. Aggrieved, assessee carried the matter in appeal before the CIT(A) but without...Pramod Kumar, A.M.:— 1. By way of this appeal, the assessee appellant has challenged correctness of the order dated 17th February 2010, passed by the learned CIT(A) in the matter of...the learned CIT(A) erred in confirming the said penalty.2. We may mention that this is second round of proceedings before us. Vide order 5th July 2013, this Tribunal had deleted the...

...case where the accounts are correct and complete but the method employed is such that in the opinion of the Income Tax Officer, the income cannot properly be deduced therefrom, the computation shall be...made in such manner and on such basis as the Income Tax Officer may determine. In the present case the method employed is entirely for a proper determination of income.8...assessee's taxable income if the Income Tax Officer is satisfied that there is really little probability of the loans being repaid. It is considered desirable to extend this principle to banks which, instead...

...of penalty under section 272A(2)(k), the Assistant Commissioner of Income-tax (TDS) had received information from the Income-tax Officer (TDS), Balasore pressing initiation of penalty in sofaras he...the assessee is a nationalised bank. In compliance to the show-cause notice issued by the Assistant Commissioner of Income-tax (TDS), the assessee stated as follows...Commissioner of Income-tax (TDS) on the proposal of the Income-tax Officer (TDS), Balasore, who has not bothered to find out whether the banks are required to file such statements in sofaras he has...

...D.K Tyagi, J.M:— This appeal preferred by the revenue is directed against the order of the Ld. CIT(A), Kolkata dated 29.12.2009 for the assessment years 2006-2007 on the following grounds.... Without prejudice to ground No. 1 Ld. CIT(A) has erred in his decision by not considering the conditions laid down in Sec. 36(2)(v) of the Act for allowance of bad debt u/s. 36(1)(vii).”2...:“1. Ld. CIT(A) has erred both on facts and in law in allowing bad debts written off u/s. 36(1)(vii) amounting to Rs. 252,70,76,061/- without considering that for allowing bad debt u/s...

...follows:“Accordingly, the order impugned in this writ petition is modified to the extent that instead of deposit of 25% of the CENVAT Credit as directed, the petitioner shall furnish a Bank...Guarantee issued by any Nationalized Bank covering the duty demanded within fortnight from date. The petitioner shall go on renewing the said Bank Guarantee until disposal of the appeal or until the...furnishing the Bank Guarantee expired on 26 July, 2013.We are told that an application for extension of time to furnish the Bank Guarantee was made on 1 August, 2013. During the pendency...

..., on the facts and in the circumstances of the case, the Tribunal was right in confirming the order of the CIT(A) deleting disallowance of interest of 7Rs.2,14,369/- which did not relate to the relevant...appeal was filed. Referring to Section 119 of the Income Tax Act, 1961, Mr. Agarwal submits that this circular is binding on the tax authorities. In support of his submission he has relied on decisions in the cases of UCO Bank Vs. Commissioner of...Section 119 of the Income Tax Act, 1961, Mr. Agarwal submits that this circular is binding on the tax authorities. In support of his submission he has relied on decisions in the cases of UCO Bank Vs. Commissioner of...

.... 3. () / The CIT(A)-2, Aurangabad 4. The Pr. Commissioner of Income Tax-2, Aurangabad 5. , , , / DR, ITAT, A Bench, Pune. 6. / Guard File. // // True Copy// / BY ORDER, / Private Secretary, , / ITAT, Pune ...rendered in the case of Commissioner of Income Tax Vs. Deogiri Nagari Sahakari Bank Ltd. (supra). The Honble High Court following the decision of Honble Apex Court in the case of UCO Bank...Commissioner of Income Tax (Appeals). Placing reliance on the decision of Honble Bombay High Court in the case of Commissioner of Income Tax Vs. Deogiri Nagari Sahakari Bank Ltd. reported...

...income in the sum of Rs.2,34,99,280. 3. The Income Tax Officer amongst others considered the taxability of the amount credited (a) "Interest Suspense (suit filed) Account...above test has also observed that the Supreme Court had approved the decision of Bombay High Court in CIT v. Confidence Ltd., (1973) ITR 292...Apex Court in the case of State Bank of Travancore (supra), decided by the Apex Court. However, this judgment of the State Bank of Travancore (supra) was explained by the Apex Court in its subsequent judgment in the case of UCO Bank vs. Commissioner of Income Tax, reported...

...- i) an order of assessment made by the Assistant Commissioner or Deputy Commissioner or the Income-tax Officer on the basis of the directions issued by the Joint Commissioner under...Parel, Bombay - 400 012. 2. L.H. Manne, Deputy Commissioner of Income Tax & Wealth Tax, Special Range-I, Bombay, having his office at 'Piramal Chamber' Parel, Bombay - 400 012...by the Commissioner of Income Tax Act, Bombay City-IX, Mumbai vide its letter No.B.C./IX/S&S/BSD(S)246/87-88 dated 30th November, 1987. To put it in other words, the Income Tax Officer had passed...

.... Javeri vs. K. K. Sen, appellate assistant commissioner of income tax, bombay ( (1965) 56 itr 198) wherein it was held that the circulars issued by the central board of revenue would be...periods subsequent to 12 - 5 - 1997. It is contended that the circular instructions of the commissioner of commercial tax officer, is oblivious of the statutory changes brought about by amendment act 30.../appellate/revisional authorities under the apgst act. (14) Reliance is placed on the judgment of the supreme court in bengal iron corporation vs. Commercial tax officer...

...Officer, Gujarat State co-operative Bank Ltd. Vs. Commissioner of Income tax (2001) 251 ITR 0522 (SC). 4... 350 (Mad.) involving identical issue, the decision was rendered in favour of the assessee in view of the judgment reported in UCO Bank Vs. CIT, 237...appellant relying on the decision of the Supreme Court in the case of Madhya Pradesh Co- operative Bank Ltd. Vs. Addl. CIT reported in 218 ITR 483 (SC) and has re-opened...

...refunded back to the respective depositors. These contentions of the assessee have not been controverted either by the assessing officer or the Ld. CIT(Appeals) and there is no material on record to...Bank of India Act is applicable to all the banks including the assessee bank. The decision of Honble Supreme Court in the case of UCO Bank vs, CIT (1999) 237 ITR 889 (SC) was also cited in support...of cost which was advanced for generating profit, the question of deriving notional interest does not arise. We find that under almost similar facts in the case of ACIT vs. Rohtak Central Co-op Bank...

...refunded back to the respective depositors. These contentions of the assessee have not been controverted either by the assessing officer or the Ld. CIT(Appeals) and there is no material on record to..., 2013 Veena Copy of order forwarded to: 1. Appellant 2. Respondent 3. CIT(A) 4. CIT 5. DR By Order Deputy Registrar, ITAT ...the case of UCO Bank vs, CIT (1999) 237 ITR 889 (SC) was also cited in support, wherein it has been held that the mercantile system of accounting does not require credit of interest on doubtful debts to...

...the assessee was liable for deduction of tax under section 194C the assessing officer has ignored vital facts relying upon which relief has been given by the ld. CIT (Appeals). He submitted that...section 194C, the assessing officer made disallowance of Rs.55,67,964/-. 4. Apropos ground No. 2 the assessing officer made certain additions which were partly reduced by the ld. CIT...been the case of the ld. AR that details of all these expenses were filed before the assessing officer as well as before the ld. CIT (Appeals) and these details are placed at pages 22 to 37 of the...

...income by treating or accepting the same as the one to be derived after determination by the Transfer Pricing Officer. In other words, it is the specific claim of the Assessing Officer that the entire...activities of the petitioner squarely fall within his power and jurisdiction for determination of the taxable income by himself without referring to the Transfer Pricing Officer. Therefore, this factual...for scrutiny assessment. The respondent issued notice under Section 143(2) of the Act on 18.09.2017. The respondent did not make a reference to the Transfer Pricing Officer (TPO) for verification of...

...appellant bank in accordance with the guidelines of RBI and recognized accounting practice had accrued and chargeable to tax. The Ld. CIT(A) has failed to appreciate that there being no real income...cited an order of Bombay High Court in the matter of CIT vs. Gajanan Nagari Sahakari Bank Ltd. wherein relief has been granted to the...directed against the order of the Ld. CIT(A)-10, Ahmedabad dated 23.03.2015 pertaining to A.Y. 2011-12 and following grounds have been taken: ITA No. 1520/Ahd/2015 . A.Y. 2011-12 1.1 The order passed u/s...