Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
Government securities held by a bank as stock-in-trade may be valued at cost or market value, whichever is lower. A consistently and regularly adopted valuation method cannot be displaced merely because the tax department prefers another method, supporting depreciation on such securities. Brokerage expenditure was allowable after the assessing authority accepted the claim on remand. Unclaimed bank balances do not constitute remission or cessation of a trading liability merely because customers have not claimed them; the bank's legal liability continues and the balances are not taxable on that basis. The departmental appeals were dismissed.
Government securities held by a bank as stock-in-trade may be valued at cost or market value, whichever is lower. A consistently and regularly adopted valuation method cannot be displaced merely because the tax department prefers another method, supporting depreciation on such securities. Brokerage expenditure was allowable after the assessing authority accepted the claim on remand. Unclaimed bank balances do not constitute remission or cessation of a trading liability merely because customers have not claimed them; the bank's legal liability continues and the balances are not taxable on that basis. The departmental appeals were dismissed.
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TaxTMI 
TaxTMI 
of 4883 
