https://www.taxtmi.com/caselaws?id=62016 Government securities held by a banking company under statutory liquidity requirements may be treated as stock-in-trade on the facts, because the banking scheme permits purchase and sale and the accounting label of "investment" is not conclusive; valuation at market value where lower than cost was therefore allowable, and the depreciation claim succeeded. Reassessment initiated beyond four years under section 147 was not sustainable where it rested on a later legal view and no failure by the assessee to disclose fully and truly all material facts was shown, so the reopening lacked jurisdiction and was invalid. en-us Thu, 22 Mar 2001 00:00:00 +0530 Mon, 17 Jan 2011 16:46:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62016 Government securities held by a banking company under statutory liquidity requirements may be treated as stock-in-trade on the facts, because the banking scheme permits purchase and sale and the accounting label of "investment" is not conclusive; valuation at market value where lower than cost was therefore allowable, and the depreciation claim succeeded. Reassessment initiated beyond four years under section 147 was not sustainable where it rested on a later legal view and no failure by the assessee to disclose fully and truly all material facts was shown, so the reopening lacked jurisdiction and was invalid. Case-Laws Income Tax Thu, 22 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62016