THE COMMISSIONER OF INCOME TAX,TRICHUR vs. THE SOUTH INDIAN BANK LTD.,TRICHUR.

Appeal stands dismissed

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

disallowance of depreciation made by the Assessing Officer? 2. Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the investments made by the assessee in approved government securities form part of its stock in trade and therefore, the claim of depreciation on the revaluation of the securities was rightly claimed

THE COMMISSIONER OF INCOME TAX, TRICHUR vs. THE DHANALAKSHMI BANK LTD.,

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

Section 40A(7) of the Income tax Act, 1961 the Tribunal is right in law in interfering with the disallowance of gratuity payable?” 3. Question no.1(a) deals with the claim on revaluation of current securities. The question is no more res integra and answered in favour of the assessee by this Court in the decision reported in Commissioner

THE COMMISSIONER OF INCOME TAX vs. M/S. THE DHANALAKSHMI BANK LTD.

Appeal stands dismissed accordingly

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

Section 36(1)(vii) cannot be the claim of the assessee for bad debts u/s. 36(1) (vii), and the claim in the credit balance in the provision for bad and doubtful debts u/s 36(1)(viia) be disallowed” 3.Whether, on the facts and in the circumstances of the case, the claim of bad debts and bad and doubtful debts

THE COMMISSIONER OF INCOME TAX vs. THE SOUTH INDIAN BANK LTD.

The appeal is allowed in part, answering question no

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

264 ITR 545 (Ker) that for purpose of assessment cost price or market value, whichever is lower, should be adopted. Admittedly, market value is not known and so much so, some method has be adopted to fix the market value and thereafter only the lower of the cost price or the market value has to be taken for the purpose