Revenue Appeal Rejected as Investment Valuation Issue Already Settled: Karnataka HC

PCIT Vs Karnataka Bank Ltd. (Karnataka High Court) The Karnataka High Court dismissed the Revenue’s appeal against the order of the Income Tax Appellate Tribunal (ITAT) concerning Assessment Year 2004-05. The appeal arose from the Tribunal’s order dated 8 February 2024, wherein the issues had been decided in favour of the assessee by following its earlier orders. The Revenue raised substantial questions of law relating to the treatment of diminution in the value of the investment portfolio maintained by the assessee bank. According to the Revenue, during assessment proceedings and...