C.n.ramachandran Nair v. C.n.ramachandran Nair, Judge

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE T.R.RAMACHANDRAN NAIR THURSDAY, THE 7TH FEBRUARY 2008 / 18TH MAGHA 1929 ITA.No. 42 of 2002() -------------------- AGAINST THE ORDER IN ITA.63/1997 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/ APPELLANT -------------------------- THE COMMISSIONER OF INCOMETAX,COCHIN BY ADV. SRI.P.K.R.MENON(SR.),SC FOR IT SRI.GEORGE K. GEORGE, SC FOR IT RESPONDENTS: RESPONDENT ----------------------- THE FEDERAL BANK LTD.,ALWAYE. BY ADV. SRI.P.BALACHANDRAN SMT.PREETHA S.NAIR THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 07/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & T.R.RAMACHANDRAN NAIR, JJ.-------------------------I.T.A. No. 42 of 2002 --------------------------------- Dated, this the 7[th] day of February, 2008 J U D G M E N T C.N.Ramachandran Nair This is an appeal filed by the revenue against the order of theTribunal disposing of the appeal for the assessment year 1993-94.The question Nos.1 to 5 raised by the revenue are covered againstit vide decision of this Court in Commissioner of Income Tax Vs. Nedungadi Bank Limited, reported in 264 ITR 545. Similarly,question No.6 is covered against the revenue vide our judgmentdated 05/02/2008 in ITA No. 208/01, assessee’s own case. So faras question Nos.7 to 9 are concerned, we find that the Tribunal hasfound that the assessee has not got any benefit on reclassificationof securities to attract Section 41(1) of the IT Act. We, therefore,dismiss the appeal filed by the revenue. (C.N.RAMACHANDRAN NAIR, JUDGE) (T.R.RAMACHANDRAN NAIR, JUDGE)