property
broker and received commission income and took temporary overdraft
facility from his UCO Bank account and submitted copy of bank
statement. After considering assessee ... assessee in his bank account was the consequence of temporary
overdraft facility availed by assessee before such withdrawals.
7. Learned AR submitted that the assessee
very old having more than 25
years the Bank allowed temporary overdraft and cleared the cheque. Hence, the
Bank not committed any deficiency in service ... Bank Account. Since the
customer was old one the Bank allowed temporary overdraft for Rs.859/- and
cleared all three cheques. In fact, the
Bank
packing credit limit and interest of Rs.2,13,768/-
on temporary overdraft taken from bank was essentially paid for the purpose of
business ... assessee on bill discounting facility, packing credit limit and
temporary overdraft availed from the bank was the expenditure essentially incurred
for the purpose of business
credit facility for the value of the said amount and
accordingly temporary overdraft facility was given to the complainant.
Subsequently, on 20/07/2007 ... account. However, bank got it adjusted against the dues
under the temporary overdraft facility. In view of this, as it is alleged, the
cheque
Deputy Commissioner Of Income-Tax, ... vs Oman International Bank Saog on 17 May, 2006
Equivalent
respect of Packing Credit, Foreign Bills purchased/ negotiated/ADOVEXBIR and temporary overdraft facility by their confirmation letters dated 30.6.1994 That in the Agreement of Guarantee
various credit facilities from the appellant-Bank in the form of temporary overdraft and term loan taking credit, etc. He executed D.P. Note
these
facts. Copy of application filed to bank for obtaining temporary overdraft
was filed before us. Our attention was also drawn upon the copy
The Dy Dit (I.T) 1(1), Mumbai vs M/S. Bank Of America N
M/S. Bank Of American , N.A,Mumbai vs The Jt Dit (I.T)3
