Dismissed

The Commissioner of Income Tax v. M/S. South Indian Bank Ltd.

Kerala HC18 Mar 2019ITA/158/2015

Case brief

AI extract

What is this about?

High Court of Kerala dismissed an income tax appeal by CIT Trichur. The Court held the framed questions of law remain covered against the revenue by prior Division Bench decisions, specifically CIT v. Lord Krishna Bank, and dismissed the appeal.

What did the court decide?

Appeal dismissed; questions of law answered against the appellant and in favor of the respondent.

The Commissioner of Income Tax Vs M/S. South Indian Bank Ltd. — Income Tax | Kerala HC (2019)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE MR.JUSTICE C.K.ABDUL REHIM

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THE HONOURABLE MR. JUSTICE R. NARAYANA PISHARADI

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MONDAY ,THE 18TH DAY OF MARCH 2019 / 27TH PHALGUNA, 1940

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ITA.No. 158 of 2015

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AGAINST THE ORDER OF THE INCOME TAX APPELLATE TRIBUNAL, COCHIN BENCH N ITA 181/Coch/2014 DATED 24-12-2014

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APPELLANT/RESPONDENT : APPELLANT/REVENUE

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THE COMMISSIONER OF INCOME TAX TRICHUR.

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BY ADVS. SRI.P.K.RAVINDRANATHA MENON (SR.) SRI.JOSE JOSEPH, SC, FOR INCOME TAX

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RESPONDENT/APPELLANT RESPONDENT/ASSESSEE:

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M/S. SOUTH INDIAN BANK LTD SIB HOUSE, P.B.NO.28, T.B.ROAD, MISSION QUARTERS, TRICHUR-680 020.

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BY ADVS. SRI.P.BALAKRISHNAN (E) SRI.MOHAN PULIKKAL

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THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 18.03.2019, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

I.T.A.No.158/2015

J U D G M E N T

C.K.Abdul Rehim, J

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The Revenue has filed the above appeal challenging the order of the Income Tax Appellate Tribunal, Cochin Bench in ITA No.181/Coch/2014 dated 24.12.2014. The appellant had framed the following three questions of law in the memorandum of appeal.

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“1. Whether, on the facts and in the circumstances of the case is the deletion in respect of addition on account of disallowance of NPA investment considered bad and irrecoverable is in accordance with law?

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2. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law and fact in interfering with the order of the Assessing Officer in respect of the addition on account of depreciation claimed on HTM category of investments?

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3. On the facts and in the circumstances of the case is not the order of the Tribunal on the issue agitated by the revenue against the decision of the Supreme Court reported in 240 ITR 355

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I.T.A.No.158/2015

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(United Commercial Bank case) and the circular No.665 dated 5-10-1993 of the CBDT (marked as Annexure D)?”

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While admitting the appeal, this Court observed that the first question raised already stands covered against the revenue in the judgment in I.T.A.No.84/2013 and connected cases. Therefore the appeal was admitted only on the two remaining questions of law.

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Learned Standing Counsel for Government of India (Taxes) had fairly conceded that, the second and third questions of law also stand covered against the revenue by virtue of a Division Bench decision of this Court in

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Commissioner of Income Tax v. Lord Krishna Bank

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Ltd. [(2011) 339 ITR 606 (Ker)] . It is also pointed out that the above cited judgment has been followed by another Division Bench of this Court in the judgment in I.T.A.No.799/2009, dated 05/07/2018.

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In view of the fact that the questions of law remain covered against the appellant, the appeal has to fail. Hence the questions of law framed are answered against the

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I.T.A.No.158/2015

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revenue and in favour of the respondent. Consequently, the

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appeal is hereby dismissed.

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(sd/-)

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C.K.ABDUL REHIM, JUDGE

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(sd/-)

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R.NARAYANA PISHARADI, JUDGE

jsr

True Copy

PS to Judge

I.T.A.No.158/2015

I.T.A.NO.158/2015

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APPENDIX

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APPELLANT'S ANNEXURES

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ANNEXURE-A : A TRUE COPY OF THE ASSESSMENT ORDER DATED 29.09.2008.

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ANNEXURE-B: TRUE COPY OF THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) DATED 0412-2013.

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ANNEXURE C: TRUE COPY OF THE ORDER OF THE INCOME TAX APPELLATE TRIBUNAL DATED 24.12.2014.

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ANNEXURE D: TRUE COPY OF THE CBDT CIRCULAR NO.665 DATED 05.10.1993.

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RESPONDENT'S ANNEXURES

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NIL

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TRUE COPY

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PS TO JUDGE

The Commissioner of Income Tax v. M/S. South Indian Bank Ltd.

Case brief

What is this about?

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The Commissioner of Income Tax v. M/S. South Indian Bank Ltd.

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