Ita/5/2010 Of The Catholic Syrian Bank Ltd v. 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. 5 of 2010() ------------------- ITA.879/COACH/2004 of INCOME TAX APPELLATE TRIBUNAL,COCHIN BENCH, COCHIN. .................... APPELLANT: ---------------------- THE CATHOLIC SYRIAN BANK LTD., ST.MARYS COLLEGE ROAD, THRISSUR. BY ADV. SRI.K.VINOD CHANDRAN RESPONDENT(S): ---------------------------- THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE I (1) RANGE-1, TRICHUR. BY ADV. SRI.JOSE JOSEPH, SC,INCOME TAX THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 24/02/2011 ALONG WITH ITA NO.6 OF 2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss C.N. RAMACHANDRAN NAIR & P.S. GOPINATHAN, JJ.= = = = = = = = = = = = = = = = = = = = =I.T.A. Nos. 5 & 6 of 2010= = = = = = = = = = = == == = = = = DATED THIS, THE 24TH DAY OF FEBRUARY, 2011. J U D G M E N T C.N. Ramachandran Nair,J. All the issues raised in these connected appeals are covered by ourjudgments partly in favour of the assessee and partly against them. So far asvaluation of unquoted Government security is concerned, the decision is infavour of the assessee. and the same is rendered in I.T.A. 234 of 2009. Sofar as disallowance under Section 14A is concerned we have held in ourjudgment in I.T.A. 720/2009 that assessments completed could not berevised for disallowance u/s. 14A for any period prior to 2001-2002. So faras the last issue is concerned, ie. addition in block assessment under Section115JA, this Court directed the assessing officer to consider application ofclause (f) of Section 115JA and make assessment in accordance with thesaid provision. Following the above judgments, we allow these appeals in part byreversing the orders of the Tribunal to the extent such orders are against thedecisions above stated and direct the assessing officer to modify the ITA NOS. 5 & 6/2010 assessment suitably, particularly under Section 115JA after considering theapplication of sub-clause (f) to the provision in the case of the assessee. C.N. RAMACHANDRAN NAIR,(JUDGE) P.S. GOPINATHAN, (JUDGE) knc/-