Case Law Details
Case Name : CIT Vs HDFC Bank Ltd (Bombay High Court)
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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Issue – Whether on the facts and in law, the Hon’ble Tribunal was correct in holding that the investment in tax free securities/investments are represented by assessee’s own funds in the shape of share capital and reserves, ignoring the fact that the assessee is a bank involved in transactions of money in various forms and treasury operations is only out of its functions ?
Held by High Court
Undisputedly the Assessee’s own funds and other non-interest bearing funds were more than the investment in the tax free securities. The ITAT therefore held that there was no basis ...
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KYA BOLNA CHAHTE HO BHAI !!!
good clarification
This is yet another glaring instance, which in one’s perception,and long standing conviction, goes to demonstrate the indisputable fact of life; namely that, most of such or similar type of litigation, could have been avoided/not prolonged, in any event to the level of High court, had the Revenue / its concerned lower authorities, besides taxpayers, have cared and acted sanely and sensibly on an issue reasonably settled once by the court in any State, constituting a “PRECEDENT”. Especially so,should the factual matrix in a given case is, in material respects, on all fours/not at variance in an intelligent comparison to that earlier decided court case.
No need to add: Now that the new chief of CBDT, the highest executive authority,- if were to go by the tenor/spirit of a recent directive issued by him,- seems to be inclined to depart from the past practice, and instead, follow a right or better path in the proper administration of the tax law,- it is to be elieved , would not but afford the utmost attention to the said aspect and do his best to change the course of direction suitably, so as to lead to a preferred infructuous -litigation-free outcome.
Over to suitably equipped ‘experts’ for carrying forward the matter , keepig in focus what is essentially to be done for the common good of both taxpayers and the Revenue.