Dismissing the appeal of the revenue the Court held that the revision was held to be bad in law though the issue of investments written off whether allowable deduction or not was not subject matter of appeal. Revision order was quashed. Followed ITA No. 18/2004 dt. 16-1-2020 and ITA No. 142 / 2016 dt.22-1.2020. (AY. 2006-07)
CIT, LTU v. Vijaya Bank (2021) 131 taxmann.com 136 (Karn.)(HC) Editorial : SLP is granted to the revenue, CIT, LTU v. Vijaya Bank (2021) 283 Taxman 295 (SC)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Merger-Subject matter of appeal-Investments written off-Book profit-Issue was not subject matter of appeal-Revision was quashed. [S. 115JB]