2024 (2) TMI 1665

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..... 2. The grounds raised read as follows: "Whether on the facts and in the circumstances of the case the CIT(A) is right in law in setting aside disallowance made under the head investment portfolio by following earlier decisions which has not reached finality even when the assessing authority rightly made disallowance by holding that irrespective of RBI guidelines were applicable to the assessee for the purposes of the IT Act or not as per the principles of accountancy and the various decisions of this Court, income should be recognized in a way which reflects a true and fair picture of the affairs of the assessee and accordingly when bank itself is treating the securities as held to maturity for any reason whatsoever the same s....

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....vestments made in the computation of income and which is not made in the regular books of account. 4. Aggrieved, assessee filed appeal before the CIT(A). The CIT(A) allowed appeal of the assessee. The CIT(A) held that the AO has failed to understand the directions of the Hon'ble High Court which had remanded the issue to him. Further, CIT(A) followed the Order of the Tribunal in assessee's own for Assessment Year 2014-15. The relevant finding of the CIT(A) after extracting the Order of the Tribunal in assessee's own case for Assessment Year 2014-15 reads as follows: "4.5 In view of the above facts, decision of the Hon'ble Karnataka High Court and Bangalore ITAT in appellant's own case, I hold that the appellant is entitl....

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.... similar issue in appellant's own case." 5. Aggrieved by the Order of the CIT(A), Revenue has filed the present appeal before the Tribunal. The learned DR fairly submitted that in order to keep the issue alive, the appeal has been filed. The learned AR, on the other hand, submitted that the issue in question is squarely covered by the judgment of the Hon'ble High Court and the Orders of the Tribunal in assessee's own case for Assessment Years 2007-08, 2012-13 and 2014-15 (Refer impugned Order of CIT(A) at page 5). 6. We have heard the rival submissions and perused the material on record. The CIT(A) has restored the matter to the AO to verify the correctness of quantum of depreciation / diminution in value of investment for the pre....