2020 (11) TMI 1087

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....SRI T.SURYANARAYANA, ADV. JUDGMENT These appeals under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act', for short) have been preferred by the revenue. The subject matter of these appeals pertain to the Assessment Year 2006-07. 2. At the outset, learned counsel for the revenue submitted that he is confining his submissions in respect of only four substantial quest....

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....anking company even though conversion of securities from investments to Stock in Trade attracts provision of Section 45(2) and also that the Bank had no working regarding deprecated value of assets and capital gains on sale of such assets? 3. Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside that the provisions of Section 115JB are not appli....

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....on 14A of the Act?' 3. Learned counsel for the assessee submitted that the substantial questions of law No.1 and 4 are answered against the revenue by judgment dated 17.01.2020 passed by a Bench of this Court in ITA No.97/2010 and connected matter. It is further submitted that the substantial question of law No.2 is answered against the revenue by a Bench of this Court in 'KARNATAKA BANK LTD. V. ....