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1 - 10 of 16 (1.03 seconds)Catholic Syrian Bank Ltd vs Commissioner Of Income Tax, Thrissur on 17 February, 2012
In-fact, this aspect of
the controversy has also been answered by the
Hon‟ble Karnataka High Court in the case of
Corporation Bank Ltd. (supra) by relying on the
judgement of the Hon‟ble Supreme Court in the case
of Kedarnath Jute Mfg. Co. Ltd. vs. CIT, (1971) 82 ITR
363 (SC). Therefore, we do not find any merits in the
above objection of the Revenue. Moreover, the plea of
the learned CIT-DR that nature of HTM securities is
distinct from AFS and HFT securities and thus HTM
securities are not stock-in-trade, is quite wrong. It
cannot be denied that the securities held by the bank
are stock-in-trade. Another plea of the learned CITDR
was to the effect that the investments in the HTM
category are not tradeable and the assessee may not
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ITA No.259/PUN/2024
ITA No.428/PUN/2024
be selling the HTM Securities prior to their maturity.
Section 80G in The Income Tax Act, 1961 [Entire Act]
Finance Act, 2012
The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970
Section 119 in The Income Tax Act, 1961 [Entire Act]
The Banking Regulation Act, 1949
Dcit (Ltu) 2, Mumbai vs Union Bank Of India, Mumbai on 12 July, 2019
28. After hearing both the sides, we find the Special Bench of the Tribunal in the
case of Union Bank of India vs. DCIT 2024 (9) TMI 789 - ITAT Mumbai has
decided the issue by observing as under:
M/S. Southern Technologies Ltd vs Joint Commnr. Of Income Tax, Coimbatore on 11 January, 2010
In fact, the Supreme Court in Southern
Technologies Limited v. The Joint Commissioner of Income-Tax reported in
(2010) 320 ITR 577 has held that the directions of the RBI have nothing to do with
computation of Income under the Act.
Karnataka Bank Ltd. vs Assistant Commissioner Of Income Tax on 24 July, 2002
We further find that on the identical issue
Karnataka High Court in Karnataka Bank Ltd. v. Assistant Commissioner of
Income-Tax 2013 (356) ITR 549 has inter-alia observed as follows: