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TMI Blog2024 (3) TMI 1386X X X X Extracts X X X X X X X X Extracts X X X X ..... roduced hereinbelow: A. Whether in the facts and circumstances of the case and in law, the ITAT as well as the CIT(A) erred in deleting addition of INR 17,70,89,577 made by the AO in respect of losses in Market to Market [ MTM ] derivatives? B. Whether in the facts and circumstances of the case and in law, the ITAT as well as the CIT (A) erred in deleting addition of INR 809,52,69,679/- on account of depreciation/loss on investments? In order to enable learned counsels for parties to address submissions on the rest of the issues, let the appeal be called again on 15.07.2024. - HON'BLE MR. JUSTICE YASHWANT VARMA AND HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV For the Appellant : Mr. Sanjay Kumar, SSC along with Ms. Easha Kadian a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd 15, upward revision of salaries, promotion of employees to higher cadre etc. As per the Pension Fund Trust Regulations of the bank, the contribution by bank is fixed at the rate of 10 per rent which is well within the limits. There is no increase in such rate during the years. xxxx xxxx xxxx 43. The DR could not point out any specific error in the order of the learned CIT(A) by bringing any cogent, positive material on record. Therefore, we find that no good reasons to interfere with the orders of learned CIT(A) which is confirmed and the grounds of appeal of the Revenue is dismissed. 3. In view of the aforesaid and irrespective of whether the contribution was in excess of the statutory prescription, in our considered opinion as long as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proposed Question No. ii raises substantial issues which would merit consideration. The appeal shall consequently stand admitted on the aforesaid question also. The two questions of law on which ITA 540/2023 stands admitted are reproduced hereinbelow: A. Whether in the facts and circumstances of the case and in law, the ITAT as well as the CIT(A) erred in deleting addition of INR 17,70,89,577 made by the AO in respect of losses in Market to Market [ MTM ] derivatives? B. Whether in the facts and circumstances of the case and in law, the ITAT as well as the CIT (A) erred in deleting addition of INR 809,52,69,679/- on account of depreciation/loss on investments? 10. In order to enable learned counsels for parties to address submissions on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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