Pr. Commissioner Of Income Tax -7, Delhi vs Punjab National Bank

Case Significance

Pr. Commissioner Of Income Tax -7, Delhi vs Punjab National Bank is a Delhi High Court decision dated December 6, 2024 (citation: ik-103550316). The Revenue filed an income tax appeal challenging an ITAT order for AY 2009-10 involving Punjab National Bank's assessed income of approximately Rs. 4,951 crores. The Delhi High Court dismissed the appeal, finding no substantial question of law arose on any of the issues including foreign exchange gains/losses, broken period interest, provision for bad debts, and goodwill from amalgamation of Nedungadi Bank, all of which were covered by prior decisions. The bench comprised Justices Tushar Rao Gedela and Vibhu Bakhru. The judgment was delivered by Justice Vibhu Bakhru. Counsel appearing: Ashvini Kumar (counsel for appellant), Harshit Chauhan (counsel for respondent), Nikhil Jain (counsel for appellant), Puneet Rai (counsel for appellant), Rishabh Nangia (counsel for appellant), S Krishnan (counsel for respondent).