Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 669 - ITAT BANGALOREDisallowance of bad debts claimed u/s 36(1)(vii) - HELD THAT:- We allow the appeal in favour of the assessee. Accordingly, this ground of the assessee is allowed and the disallowance made u/s.36(1)(vii) is deleted. Disallowance u/s 36(1)(viii) - AO disallowed the claim on the ground that the assessee has not transferred the amount to special reserve as required by sec. 36(1)(viii) - HELD THAT:- We therefore follow the binding decision of the coordinate bench in the case of Vijaya Bank [2018 (1) TMI 1575 - ITAT BANGALORE] and hold that reserve credit in the subsequent or succeeding years before the initiation of grant of deduction u/s 36(1)(viii) of the Act is required to be considered while allowing the assessee’s claim for the deduction under the said section. We, therefore direct the AO to examine and allow the assessee’s claim accordingly. This ground is allowed for statistical purposes. Disallowance u/s 40(a)(ia) - assessee has paid towards NFS ATM charges and towards ATM switch charges to National Payment Corporation of India (NPCI) - AO disallowed the entire amount u/s 40(a)(ia) on the ground that the assessee has not deducted TDS on the said amount - HELD THAT:- As in assessee’s own case, we allow this ground in favour of the assessee. Accordingly, this ground of the assessee is allowed. MAT applicability u/s 115JB - HELD THAT:- Since the issue regarding applicability or otherwise of sec.115JB is restored to the file of Ld CIT(A), the next issue urged by the assessee relating to the addition made by the AO while computing book profit u/s 115JB is also restored to the file of Ld CIT(A) for examining it afresh. Deduction being the depreciation on the securities classified as Held To Maturity (HTM) - AO disallowed this claim on the ground that the depreciation cannot be claimed on HTM securities - HELD THAT:- We do not find any reason to interfere with the decision of the CIT(A). Accordingly the decision of CIT(A) with respect to depreciation on HTM securities is upheld and the appeal of the revenue on this issue is dismissed. Disallowance u/s.14A - HELD THAT:- We notice that the co-ordinate benches have decided this issue prior to rendering of decision by Hon’ble Supreme Court in the case of Maxopp Investment Ltd. [2018 (3) TMI 805 - SUPREME COURT] However, before us, the Ld A.R relied upon certain other decisions in order to contend that no disallowance u/s 14A is called for. In view of the subsequent development of law on this issue, in our considered view, this issue requires fresh examination at the end of AO by duly considering the various decisions on the subject. Accordingly, we set aside the order passed by Ld CIT(A) on this issue and restore the same to the file of AO for examining it afresh.
|