Ita/252/2002 Of M/S.catholic Syrian Bank Ltd v. The Deputy 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 V.K.MOHANAN MONDAY, THE 14TH JULY 2008 / 23RD ASHADHA 1930 ITA.No. 252 of 2002() --------------------- (ITA NO.162/COCH/98 OF INCOME TAX APPELLATE TRIBUNAL, COCHIN BENCH, COCHIN.) APPELLANT -------------------------- M/S. CATHOLIC SYRIAN BANK LTD., ST.MARY'S COLLEGE ROAD, THRISSUR, REPRESENTED BY ITS CHAIRMAN AND CHIEF EXECUTIVE OFFICER SRI.N.R.ACHAN, AGED ABOUT 59 YEARS, S/O.LATE SRI.PADMANABHA MENON. BY ADV. SRI.K.VINOD CHANDRAN SRI.S.SANTHOSH RESPONDENTS: ------------- THE DEPUTY COMMISSIONER OF INCOME-TAX (ASSESSMENT), SPL.RANGE-1, ERNAKULAM. BY ADV. SRI.P.K.R.MENON(SR.),SR.COUNSEL FOR IT FOR R SRI.GEORGE K. GEORGE, SC FOR IT FOR R THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 14/07/2008, ALONG WITH ITA NO. 19 OF 2004, THE COURT ON 14/07/2008 DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR &V.K.MOHANAN, JJ. .................................................................... I.T.A. Nos.252 of 2002 &19 of 2004 .................................................................... Dated this the 14th day of July, 2008. JUDGMENT Ramachandran Nair, J. The issue raised in these cases came up in the case of another Bank inI.T.A. No.30/2002 and we allowed the assessee's appeal reversing the orderof the Tribunal. In fact in I.T.A. 19/2004 the Tribunal has followed theirearlier order which was reversed by us in I.T.A. No.30/2002. Therefore,I.T.A. 19/2004 is allowed reversing the order of the Tribunal with directionto the officer to allow the claim in terms of judgment in I.T.A. No.30/2002.So far as I.T.A. No.250/2002 is concerned, Standing Counsel has referred tothe observation of the Tribunal whereunder Tribunal has taken the view thatin the course of phasing out of the relief pertaining to investment in U.T.I.units, assessee cannot claim relief more than what was available for theprevious year. We do not find any justification for this assumption andgoing by the meaning assigned by us to the section in the judgment in I.T.A. No.30/2002, we allow these appeals also by reversing the order of theTribunal and directing the officer to allow the claim in terms of judgment inI.T.A. No.30/2002. C.N.RAMACHANDRAN NAIRJudge pms V.K.MOHANANJudge