Canara Bank Wins on Multiple Tax Issues; Bangalore ITAT Dismisses Revenue’s 18 Grounds of Appeal

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...