2016 (5) TMI 1514

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.... This appeal by the Revenue against order dated 4th November, 2015 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 1937/Del/2011 and ITA No. 1961/Del/2011 for the assessment year ('AY') 2007-08 raises three grounds of challenge. 2. The first ground urged in the appeal is that ITAT has erred in law in deleting the addition pertaining to the claim of loss on account of fall in value....

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....ained in the decision of the High Court of Karnataka in Karnataka Bank Ltd. v. Assistant Commissioner of Income Tax [2013] 356 ITR 549 (Kar.) and the decisions High Court of Bombay in Commissioner of Income Tax v. Bank of Baroda [2003] 262 ITR 334 (Bom) and Commissioner of Income Tax v. HDFC Bank Ltd. [2014] 368 ITR 377 (Bom). The ITAT has noted that the above decisions referred to the decisions o....

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....the peculiar facts of that case. The Court prefers to adopt the reasoning in the decision the Karnataka High Court in Karnataka Bank Ltd. (supra) and the Bombay High Court in HDFC Bank Ltd. (supra). The Court accordingly declines to frame a question on this issue. 6. The second issue urged is that that ITAT ought not to have allowed the Assessee to raise an additional ground regarding the deducti....