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TMI Blog2021 (9) TMI 484X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellate Tribunal [hereinafter referred to as "the Tribunal"], 'A' Bench in I.T.A.No.782/Mds/2001 for the assessment year 1992-93 and I.T.A.No.1991/Mds/2002 for the assessment y ear 1993-94. 2.T.C.A.No.906 of 2015 was admitted on 23.11.2015 on the following substantial questions of law: "1. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in deleting the additions made on interest on securities? 2.Is not the finding of the Tribunal bad by deleting the additions made on interest on securities especially when the assessee has credited interest on day to day basis in its books of accounts as per mercantile system of accounting being followed whereby the entire interest income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there are only two issues and in so far as T.C.A.No.907 of 2015 is concerned, though there are two substantial questions of law framed, there is only one issue which is with regard to additions made on interest on securities. 6.The above substantial questions of law framed in both the tax case appeals have been answered in favour of the assessee by the Hon'ble Division Bench of this Court in the case of Commissioner of Income Tax vs. City Union Bank Ltd. [(2007) 291 ITR 0144 (Mad)] and in the case of Commissioner of Income Tax vs. Karur Vysya Bank Ltd. [(2009) 77 CCH 0603 CHenHC and in The Commissioner of Income Tax, Trichy vs. The Lakshmi Vilas Bank Ltd., in T.C.A.No.207 of 2018 dated 04.11.2020. 7.The first substantial question of l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that was the third substantial question of law in the case of City Union Bank Ltd. which was answered in favour of the assessee as follows: "6.1.Qua the third question of law in T.C.(A).No.22 of 2004 is concerned, the Tribunal held that when investments are made in accordance with the requirements of the Act, wherein the market price changed from the value shown in the opening balance and at the end of the year, the same could be allowed as depreciation. 6.3.In view of the ratio enunciated from the decisions referred supra, we find no infirmity in the decision of the Tribunal in this regard." 9.Thus, following the above decisions, the tax case appeals are dismissed and the substantial questions of law are answered against the revenue. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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