https://www.taxtmi.com/caselaws?id=235498 A bank's securities, consistently treated as stock-in-trade, cannot be denied depreciation merely because they were shown as investments in RBI-compliant balance-sheet accounts; tax treatment depends on the true legal character and the assessee's regular method of accounting, not on presentation alone. RBI guidelines govern regulatory disclosure and accounting form, but they do not displace the Income-tax Act in computing taxable income. Where the assessee's long-standing valuation method reflects commercial accounting and properly discloses income, it cannot be overridden simply by the book description of the assets. The adverse view was set aside and the matter required fresh assessment on that legal basis. en-us Mon, 11 Mar 2013 00:00:00 +0530 Thu, 07 Aug 2025 17:02:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235498 A bank's securities, consistently treated as stock-in-trade, cannot be denied depreciation merely because they were shown as investments in RBI-compliant balance-sheet accounts; tax treatment depends on the true legal character and the assessee's regular method of accounting, not on presentation alone. RBI guidelines govern regulatory disclosure and accounting form, but they do not displace the Income-tax Act in computing taxable income. Where the assessee's long-standing valuation method reflects commercial accounting and properly discloses income, it cannot be overridden simply by the book description of the assets. The adverse view was set aside and the matter required fresh assessment on that legal basis. Case-Laws Income Tax Mon, 11 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235498