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        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

        Provisions expressly mentioned in the judgment/order text.

        <h1>Classification of securities as stock in trade alters deduction of valuation losses and taxation of net interest.</h1> Securities held by banks are to be regarded as stock in trade, so valuation losses debited in the books are treated like other stock in trade losses for tax purposes. Interest payments and receipts on securities, including broken period interest, are revenue in nature; only net interest on securities is taxable as business income.

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