L.T.U vs Uco Bank
2023 Latest Caselaw 3255 Cal/2

Calcutta High Court

L.T.U vs Uco Bank on 30 November, 2023

Author: Rajarshi Bharadwaj

Bench: Rajarshi Bharadwaj

OD-27

                              ITA/51/2018

                  IN THE HIGH COURT AT CALCUTTA
               SPECIAL JURISDICTION (Income Tax)
                         ORIGINAL SIDE


                                   COMMISSIONER OF INCOME TAX,
                                   L.T.U.

                                         -Versus-

                                   UCO BANK

BEFORE :
THE HON'BLE JUSTICE SURYA PRAKASH KESARWANI
          And
THE HON'BLE JUSTICE RAJARSHI BHARADWAJ
Date : 30th November, 2023
                                                                   Appearance :
                                                       Ms. Smita Das De, Adv.
                                                           ...for the appellant.

                                                     Mr. J. P. Khaitan, Sr. Adv.
                                                      Mr. Sanjay Bhomik, Adv.
                                                          ...for the respondent.

The Court : Heard Ms. Smita Das De, learned standing

counsel for the appellant/Income Tax Department and Mr. J. P.

Khaitan, learned senior counsel assisted by Mr. Sanjay Bhowmik,

learned Advocate for the respondent/assessee.

This appeal was admitted on 11th May, 2018 on the

following substantial question of law:

"Whether a nationalized banking company would be subject to the requirements of Section 115JB of the Income Tax Act, 1961 ?"

Both the learned counsel for the parties jointly

submit that substantial question of law as above-noted is

concluded against the revenue by a judgment of Hon'ble Supreme

Court in Deputy Commissioner of Income Tax vs. Kerala State

Electricity Board reported in [2022]447 ITR 193 (SC) and also

by a Division Bench judgment of this Court in Principal

Commissioner of Income Tax vs. Damodar Valley Corporation

reported in [2022]137 taxmann.com 338 (Calcutta).

They jointly submit that the question needs to be

answered in favour of the assessee and against the revenue and

the appeal deserves to be dismissed.

In view of the aforesaid, the substantial question of

law above-noted is answered in favour of the assessee and

against the revenue.

The appeal (ITA/51/2018) is, thus, dismissed.

(SURYA PRAKASH KESARWANI, J.)

(RAJARSHI BHARADWAJ, J.)

As.