https://www.taxtmi.com/caselaws?id=249186 The appellant successfully challenged the dismissal of their appeals regarding depreciation on securities held for maturity for the assessment years 2005-2006 and 2006-2007. The Tribunal's decision, which denied depreciation claims based on RBI guidelines, was overturned. The Division Bench emphasized the importance of respecting the taxpayer's consistent accounting method, ultimately validating the appellant's approach in line with the Income Tax Act and Supreme Court approval. The dispute also addressed the valuation of securities, with the Tribunal rejecting the appellant's method but the Division Bench supporting their historical practice for claiming depreciation based on market values. en-us Wed, 12 Mar 2014 00:00:00 +0530 Mon, 07 Jul 2014 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249186 The appellant successfully challenged the dismissal of their appeals regarding depreciation on securities held for maturity for the assessment years 2005-2006 and 2006-2007. The Tribunal's decision, which denied depreciation claims based on RBI guidelines, was overturned. The Division Bench emphasized the importance of respecting the taxpayer's consistent accounting method, ultimately validating the appellant's approach in line with the Income Tax Act and Supreme Court approval. The dispute also addressed the valuation of securities, with the Tribunal rejecting the appellant's method but the Division Bench supporting their historical practice for claiming depreciation based on market values. Case-Laws Income Tax Wed, 12 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249186