Treatment of securities as stock-in-trade or investment: assessing officers must determine classification under facts and central bank guidelines. Whether securities held by banks are stock-in-trade or investment is a question of fact; Assessing Officers must determine classification in each case based on facts and the Reserve Bank's accounting and classification guidelines. The Supreme Court's earlier decision addressed the capital/revenue character of consideration paid and did not resolve the broader stock-in-trade versus investment question.
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.
Treatment of securities as stock-in-trade or investment: assessing officers must determine classification under facts and central bank guidelines.
Whether securities held by banks are stock-in-trade or investment is a question of fact; Assessing Officers must determine classification in each case based on facts and the Reserve Bank's accounting and classification guidelines. The Supreme Court's earlier decision addressed the capital/revenue character of consideration paid and did not resolve the broader stock-in-trade versus investment question.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
