Ita/1735/2009 Of The Commissioner Of Income Tax, Trichur v. South Indian Bank Ltd., Trichur

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR& THE HONOURABLE MR. JUSTICE K.M.SURENDRA MOHAN THURSDAY, THE 7TH OCTOBER 2010 / 15TH ASWINA 1932 ITA.No. 1735 of 2009() ---------------------- ITA.139/2007 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/RESPONDENT ------------------- THE COMMISSIONER OF INCOME TAX, THRISSUR. BY ADV. SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT/ APPELLANT ------------------------ M/S. SOUTH INDIAN BANK LTD., SIB HOUSE, THRISSUR. ADV. SRI.P.BALAKRISHNAN THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 07/10/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & K.SURENDRA MOHAN, JJ.-------------------------------- I.T.A.No.1735 OF 2009-------------------------------- Dated this the 7[th] day of October, 2010 J U D G M E N T ~~~~~~~~~~~ C.N.Ramachandran Nair, J. The first issue raised in the appeal, that is valuation ofunquoted government securities is covered by our decision inassessee's case in I.T.A.No.234/2009 decided today. Followingthe said judgment, we dismiss the revenue's appeal. The 2[nd]issue raised is the claim of loss on the purchase and sale ofsecurity. This issue is covered in favour of the assessee andagainst the revenue by our judgment in I.T.A.No.946/2009 dated9.10.2009. The last issue that is liability for interest underSection 234D is also covered by I.T.A.Nos.1714 & 1713 of 2009.Following the above three judgments, this appeal is partlyallowed and partly dismissed. (C.N.RAMACHANDRAN NAIR, JUDGE) (K.SURENDRA MOHAN, JUDGE)