LAWS(PAT)-2015-6-83

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 2 PATNA Vs. M/S. BIHAR STATE CREDIT & FINANCE INVESTMENT CORPORATION LTD., PATNA, RAM CHARITRA PATH, PATNA

Decided On June 30, 2015
Deputy Commissioner Of Income Tax Circle 2 Patna Appellant
V/S
M/S. Bihar State Credit And Finance Investment Corporation Ltd., Patna, Ram Charitra Path, Patna Respondents

JUDGEMENT

(1.) Heard learned counsel for the appellant-Income Tax Department.

(2.) These appeals have been filed against the common order dated 29.08.2008 passed by the Income Tax Appellate Tribunal, Patna Bench, Patna in among others ITA No. 5/Pat/07 relating to the assessment year 1994-1995, in ITA No. 2/Pat/07 relating to the assessment year 1998-1999, in ITA No. 5/Pat/07 relating to the assessment year 1993-1994, in ITA No. 6/Pat/07 relating to the assessment year 1995-1996, in ITA No. 3/Pat/07 relating to the assessment year 1992-1993, in ITA No. 1/Pat/07 relating to the assessment year 1997-1998 respectively. The Tribunal has dismissed the appeals filed by the Revenue and allowed the cross objections filed by the assessee relying upon a decision of the Kerala High Court in the case of Commissioner of Income-Tax Vs. State Bank of Travancore: [1997] 228 ITR 40 , holding that the case of the assessee was squarely covered by the said decision.

(3.) In the aforesaid decision at Page Nos. 48 and 49 it has been held as follows:-