ITAT held that shares held by a banking concern under the...

ITAT held that shares held by a banking concern under the Held-to-Maturity (HTM) category constitute capital assets forming part of the business of banking and are not stock-in-trade; consequential gains on sale qualify as long-term capital gains (LTCG). Applying RBI classification, Available-for-Sale (AFS) and Held-for-Trading (HFT) securities are treated as stock-in-trade, but HTM securities are distinct and must be reflected as investments in the balance sheet. The Tribunal agreed with the appellate authority, accepted the assessee's classification of the shares as investments in schedule to the balance sheet, and dismissed the Revenue's appeal.

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