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TMI Blog2023 (10) TMI 1244X X X X Extracts X X X X X X X X Extracts X X X X ..... the subject shares were concededly held as stock-in-trade. HTM Securities - This issue is covered by the decision rendered in Oriental Bank of Commerce [ 2016 (5) TMI 1514 - DELHI HIGH COURT] Thus, having regard to the decision of the coordinate bench, in our view, no substantial question of law arises for our consideration qua this issue. Depreciation on temporary erections - As applying the principle of consistency, in the AYs in issue, the respondent/assessee should have been allowed depreciation on temporary structures. Interest on overdue deposits - Said issue is covered by the decision of Oriental Bank of Commerce v. Additional Commissioner of Income Tax. [ 2018 (1) TMI 904 - DELHI HIGH COURT] . Disallowance of provision made for bad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing therein the issues which arose for consideration in the aforementioned AYs. The details given in the tabular chart are set forth hereafter: Sr.No. Particulars ITA 521/2023 [AY 2014-15] ITA 522/2023 [AY 2015-16] ITA 524/2023 [AY 2013-14] 1. Addition on Section 14A Rs. 93.48 crores addition made by AO which was restricted by CIT to the tune of Rs. 21.28 crores which was ultimately deleted by the Tribunal. Rs. 78.98 crores addition made by AO which was restricted by CIT to the tune of Rs. 5.56 crores which was ultimately deleted by the Tribunal. Rs. 99.72 crores addition made by AO which was restricted by CIT to the tune of Rs. 6.76 crores which was ultimately deleted by the Tribunal. 2. HTM Securities Addition of Rs. 66.49 crores made by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k-in-trade, the provisions of Section 14A would have no applicability. 5.1 In this regard, the Tribunal also noticed the judgment rendered by the Supreme Court in South Indian Bank v. Commissioner of Income Tax, [2021] 112 CCH 00051 (SC). The relevant portion of the said judgment which is culled out in the impugned order is extracted hereafter for the sake of convenience: 25. Proceeding now to another aspect, it is seen that the Central Board of Direct Taxes (CBDT) had issued the Circular no. 18 of 2015 dated 02.11.2015, which had analyzed and then explained that all shares and securities held by a bank which are not bought to maintain Statutory Liquidity Ratio (SLR) are its stock-in- trade and not investments and income arising out of thos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The above ground of the department has to be dismissed as it is a covered matter in favour of the assessee by the order of the Co-ordinate Bench of ITAT in A.Y. 2007-08 in ITA No. 1937/Del/11 and 1961 /Del/11 The matter was set aside to the AO for verification by the ITAT. 9. Mr Rai has adverted to the decision in ITA No. 306/2016. This appeal arose out of the decision rendered by a coordinate bench of the Tribunal with regard to AY 2007-08 in ITA No. 1937/Del/2011 and ITA No. 1961/Del/2011. 9.1 A perusal of the said decision would show that the appellant/revenue did not raise any ground in the appeal with regard to the allowance of depreciation on temporary wooden structures. Therefore, applying the principle of consistency, in the AYs in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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