TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Delhi HC allows bank's tax deductions on stock-in-trade shares, depreciation claims, and bad debt provisions following established precedents</h1> <h3>Pr. Commissioner Of Income Tax-7 Versus Oriental Bank Of Commerce Ltd (Now Merged With Punjab National Bank Ltd.)</h3> Pr. Commissioner Of Income Tax-7 Versus Oriental Bank Of Commerce Ltd (Now Merged With Punjab National Bank Ltd.) - [2024] 464 ITR 563 (Del) Issues Involved: The judgment concerns appeals related to Assessment Year (AY) 2014-15, AY 2015-16, and AY 2013-14. First Issue [Addition on account of Section 14A]: The Tribunal correctly ruled that Section 14A of the Income Tax Act did not apply to a nationalized bank holding shares as stock-in-trade, citing relevant Supreme Court judgments. The disallowance made under Section 14A was rightfully deleted due to the nature of the shares held. Second Issue [HTM Securities]: The decision of a coordinate bench in a previous case covered the second issue, hence no substantial question of law arose for consideration in this case regarding HTM Securities. Third Issue [Depreciation on temporary erections]: The Tribunal dismissed the department's appeal against the allowance of depreciation on temporary wooden structures, citing a previous decision in favor of the assessee. The principle of consistency supported the allowance of depreciation on temporary structures for the respondent/assessee. Fourth Issue [Interest on overdue deposits]: The issue was found to be covered by a previous decision of a coordinate bench, leading to the conclusion that no substantial question of law needed to be addressed concerning interest on overdue deposits. Fifth Issue [Disallowance under Section 36(1)(vii) of the Act]: The disallowance of the provision for bad and doubtful debts was upheld in favor of the respondent/assessee based on a Supreme Court judgment. No substantial question of law was identified in relation to this issue. In summary, the judgment addressed various issues related to different assessment years, with the Tribunal's decisions being upheld based on legal precedents and previous rulings. The appeals were closed, and no substantial questions of law were found to arise in the issues discussed.
TaxTMI 