DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 5(2)(1), BANGALORE vs. M/S. NATIONAL CO-OPERATIVE BANK LIMITED, BANGALORE

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ITA 1372/BANG/2019Status: DisposedITAT Bangalore13 March 2020AY 2011-122 pages

In favour of the Revenue: the Revenue's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that the Revenue's appeal was filed primarily to keep the issues alive, as the CIT(A) had followed established precedents. The CIT(A) had allowed the assessee's claim for amortization of premium.

What were the facts?

The Revenue appealed against the CIT(A)'s order which allowed the assessee's claim for amortization of premium. The CIT(A) had relied on previous decisions in the assessee's own case and High Court rulings.

What were the issues?

The key issue was the allowability of amortization of premium claimed by the assessee, which the CIT(A) had allowed based on prior judicial pronouncements.

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, ‘B’ BENCH : BANGALORE

Before: SHRI. B. R. BASKARAN & SMT. BEENA PILLAI

For Appellant: Shri. Priyadarshi Misra, JCIT – DR

ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal has been filed by revenue against order dated 28/03/2019 passed by Ld.CIT(A)-5, Bangalore for assessment year 2011-12 on following grounds of appeal:

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