Commissioner Of Income Tax Gandhinagar v. Chanasama Nagrik Sahakari Bank Ltd =============================================================

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/TAX APPEAL No. 353 of 2018 =============================================================COMMISSIONER OF INCOME TAX GANDHINAGARVersusCHANASAMA NAGRIK SAHAKARI BANK LTD============================================================= Appearance : Mrs MAUNA M BHATT, Advocate for the PETITIONER ============================================================= CORAM:HONOURABLE Mr. JUSTICE AKIL KURESHIandHONOURABLE Mr. JUSTICE B.N. KARIA16[th] April 2018andHONOURABLE Mr. JUSTICE B.N. KARIA16[th] April 2018 ORAL ORDER (PER : HONOURABLE Mr. JUSTICE AKIL KURESHI) Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal, Ahmedabad Bench dated 4[th] September 2017 raising following question for our consideration :- “Whether the Appellate Tribunal has erred in law and on facts of the case in upholding the order of the CIT [A] in treating the loss on security as business loss ?” We notice that the Tribunal, while confirming the view of the CIT [A], held and observed as under :- “8.We have considered the rival submissions and perused the orders of the authorities below. It is the case of the assessee that the impugned loss arose on sale of securities and bonds emanated from investments which were sub-classified under “available for sale” category at the time of purchase. In view of the aforesaid facts, we find merit in the claim of the assessee that the loss arising on sale of securities/bonds area of trading nature notwithstanding the fact that the securities were grouped under the head “investment” owing to the prescribed format of the RBI. We find that the order of CIT [A] dealing with the issue is consistent with the CBDT instruction as well as the fact of the case and does not require any elaboration. Accordingly, we decline to interfere with the order of the CIT [A].” We are broadly in agreement with the view taken by the Tribunal. No question of law arises. Tax Appeal is dismissed. [Akil Kureshi, J.] Prakash [B.N Karia, J.]