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Canara Bank Wins on Multiple Tax Issues; Bangalore ITAT Dismisses Revenue’s 18 Grounds of Appeal
Case Law Details
- Case Name
- ACIT Vs Canara Bank (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Bangalore
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ACIT Vs Canara Bank (ITAT Bangalore)
Canara Bank Wins on Multiple Tax Issues; Bangalore ITAT Dismisses Revenue’s 18 Grounds of Appeal
In a significant ruling, the Bangalore ITAT dismissed the Revenue’s appeal against Canara Bank and upheld the CIT(A)’s relief on a host of recurring banking tax issues. The Tribunal followed earlier decisions in the bank’s own cases as well as binding Karnataka High Court precedents, granting relief on matters relating to section 36(1)(viia) deduction, unrealised forex gains, CSR expenditure, ATM depreciation, section 14A disallowance, depreciation on in...
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