Binding precedent on depreciation for held-to-maturity securities left no substantial question of law for the Revenue's appeal.

Depreciation on held-to-maturity securities had already been decided in earlier Karnataka HC rulings in favour of the assessee, and those binding precedents controlled the matter. The Court held that the Revenue could not reopen the issue merely because the question was stated to be pending before the Supreme Court. As the legal position was settled by prior decisions of the same Court, no substantial question of law arose for consideration, and the Revenue's appeal failed.

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Issues: Whether the Revenue's appeal challenging allowance of depreciation on held-to-maturity securities raised any substantial question of law.

Analysis: The questions raised were already covered by earlier decisions of the same Court, including decisions holding the issue in favour of the assessee. In view of the binding precedent, the Court found no basis to re-open the issue merely because the matter was stated to be pending before the Supreme Court.

Conclusion: No substantial question of law arose for consideration. The appeal was liable to be dismissed, and the result was in favour of the assessee.

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