Ita/137/2008 Of The Catholic Syrian Bank Ltd.thrissur v. The Assistant Commissioner Of Income Tax

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR &THE HONOURABLE MR. JUSTICE P.S.GOPINATHAN THURSDAY, THE 24TH FEBRUARY 2011 / 5TH PHALGUNA 1932 ITA.No. 137 of 2008() --------------------- .................... ITA.284/(COCH) 2006 OF THE INCOME TAX APPELLATE TRIBUNAL, COCHIN BENCH, COCHIN. APPELLANT/APPELLANT/ASSESSEE : --------------------------------------- THE CATHOLIC SYRIAN BANK LTD, ST.MARYS COLLEGE ROAD, THRISSUR. BY ADV. SRI.K.VINOD CHANDRAN SRI.K.P.ABDUL AZEEZ RESPONDENT/RESPONDENT/DEPARTMENT: -------------------------------------------------- THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 1 (1),RANGE-I,TRICHUR. ADV. SRI.JOSE JOSEPH, SC, FOR INCOME TAX FOR R THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 24/02/2011, ALONG WITH ITA NOS. 38 & 39 OF 2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N. RAMACHANDRAN NAIR &P.S. GOPINATHAN, JJ. = = = = = = = = = = = = = = = = = = = = = I.T.A. Nos. 137/2008 & 38 & 39 of 2010 = = = = = = = = = = = == == = = = = DATED THIS, THE 24TH DAY OF FEBRUARY, 2011. J U D G M E N T C.N. Ramachandran Nair,J. The sole question raised is on the method of valuation of security byapplying the Yield to Maturity method in terms of the Reserve Bank ofIndia guidelines, which is decided in favour of the appellant vide judgmentin the case of another assessee in ITA 234 of 2009. Following the saidjudgment, we allow all these appeals by reversing the order of the tribunaland that of the lower authorities to the extent those decisions are contraryto our judgment above and by directing the assessing officer to revise theassessments based on the judgment above stated. C.N. RAMACHANDRAN NAIR,N,(JUDGE) knc/- P.S. GOPINATHAN, (JUDGE)