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The Commisioner of Income Tax, Thrissur Versus M/s. South Indian Bank Ltd.

2015 (8) TMI 272 - KERALA HIGH COURT

Disallowance u/s 36(1)(vii) - ITAT allowed claim - Held that:- Although as rightly contended by the learned Standing Counsel appearing for the appellant, it is true that the assessee had failed to adduce evidence as directed by the Tribunal in the first round of the litigation, the main reason which prevailed upon the Assessing Officer to disallow the deduction when the impugned order was passed after the matter was remanded to him, is his conclusion that the R.B.I guidelines to value the unsecu .....

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e securities as deduction, be allowed.

In our view, since as held by this Court, the R.B.I guidelines are applicable to the cases in question, the view taken by the Tribunal cannot be said to be illegal. Therefore, answering the questions of law framed against the Revenue - I.T.A. No. 84 of 2013 - Dated:- 3-7-2015 - Antony Dominic And Shaji P. Chaly, JJ. For the Appellant : Sri Jose Joseph, SC for Income Tax For the Respondent : Sri P Balakrishnan JUDGMENT Antony Dominic, J. These a .....

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loss was on devaluation of shares. However, the Appellate Commissioner affirmed the order passed by the Assessing Officer and dismissed the appeals. 2. In the further appeals that were filed before the Tribunal, the dis-allowance as ordered by the Assessing Officer was affirmed. However, the Tribunal took the view that since the investments made by the assessee were in the nature of stock-in-trade, the Assessing Officer should consider if there was loss on account of devaluation of the shares. .....

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clarification nor did the assessee produce any evidence to substantiate their case of devaluation of shares. This was confirmed by the Appellate Commissioner by dismissing the appeals filed by the assessee. 3. Further appeals were filed before the Tribunal and the Tribunal disposed of the appeals holding that the principles laid down in the judgments of this Court in the cases of CIT v. Nedungadi Bank Ltd. [(2003) 264 ITR 545 (Ker.)] and Commissioner of Income Tax v. Lord Krishna Bank Ltd. [(201 .....

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puting the total income. It is aggrieved by these orders, the Revenue has filed these appeals, framing the following questions of law: "1. Whether on the facts and in the circumstances of the case and in the light of the findings of the CIT (A) that "no supporting evidence were furnished in support of devaluation of bond", and of the ITAT (Para 14 of Annexure D) in assessee's own case - the assessee's bank has to prove that in fact there was devaluation of the bonds for wh .....

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