https://www.taxtmi.com/caselaws?id=216638 For tax purposes, the character of a bank's securities must be determined from their substantive commercial reality, not merely from balance-sheet treatment or RBI classification. Depreciation on securities claimed as current trading securities therefore required fresh examination to decide whether they were stock in trade or investments. The claimed amortisation of premium on securities also depended on that character and could not be finally allowed on the existing record. The disallowance relating to reverse entry of interest paid to sellers of securities likewise required factual verification because the figures in the books were uncertain. All contested issues were remanded for fresh assessment. en-us Wed, 12 Sep 2012 00:00:00 +0530 Sun, 16 Sep 2012 18:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216638 For tax purposes, the character of a bank's securities must be determined from their substantive commercial reality, not merely from balance-sheet treatment or RBI classification. Depreciation on securities claimed as current trading securities therefore required fresh examination to decide whether they were stock in trade or investments. The claimed amortisation of premium on securities also depended on that character and could not be finally allowed on the existing record. The disallowance relating to reverse entry of interest paid to sellers of securities likewise required factual verification because the figures in the books were uncertain. All contested issues were remanded for fresh assessment. Case-Laws Income Tax Wed, 12 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216638