TMI Blog2019 (1) TMI 475X X X X Extracts X X X X X X X X Extracts X X X X ..... rt in the case of KARNATAKA BANK LIMITED VS. ASSISTANT COMMISSIONER OF INCOME TAX (2013 (7) TMI 656 - KARNATAKA HIGH COURT), wherein the very same questions of law were answered in favour of the assessee and against the revenue. Addition representing expenditure relating to earning of exempt income u/s 14A(1) - Held that:- Issue covered by the judgment of this Court in the case of COMMISSIONER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Advocate JUDGMENT The appeal was admitted to consider the following substantial questions of law: i. Whether on the facts and circumstances of the case, the Tribunal was correct in holding that depreciation on valuation of investment portfolio is allowable by treating the investments held by the assessee bank as stock-in-trade once the RBI Master Circular read with CBDT Circular No.6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g that the depreciation on valuation of investment portfolio is allowable by treating the investments held by the assessee bank as stock in trade even when the same was not permitted under the provisions of the I.T. Act and, as such, whether the order of the Tribunal can be said to be perverse in nature? 2. Both learned counsels appearing for the parties submit that the substantial question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... swered accordingly. 4. Insofar as the substantial question of law at No.(iii) is concerned, the Tribunal followed the earlier order passed in the assessee s own case, wherein by the judgment of this Court in the case of COMMISSIONER OF INCOME TAX vs. KARNATAKA BANK LIMITED, reported in 226 Taxman 187, the matter was remanded to the Assessing Officer for a fresh consideration. Hence, following t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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