Case Law Details
PCIT Vs Oriental Bank of Commerce Ltd (Delhi High Court)
Introduction: The Delhi High Court recently delivered a judgment in the case of PCIT vs. Oriental Bank of Commerce Ltd (Delhi High Court), providing significant relief to Oriental Bank of Commerce (OBC). The court allowed depreciation on temporary wooden structures, which had been a subject of dispute between the bank and the Income Tax Department. In this article, we will analyze the key aspects of the judgment, including the issues raised, the court’s reasoning, and the implications.
1. Background and Issues: The case involved multiple assessment years, namely 2014-15, 2015-16, and 2013-14. The Income Tax Appellate Tribunal (Tribunal) had allowed OBC’s appeals in these assessment years. The primary issues in the case were as follows:
- Addition on Section 14A
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