https://www.taxtmi.com/caselaws?id=256891 The Income Tax Appellate Tribunal (ITAT) upheld decisions favoring a bank in an appeal for the assessment year 2007-08. The ITAT ruled in favor of the bank on two issues: allowing depreciation claim on the valuation of the investment portfolio treated as stock-in-trade, despite non-compliance with RBI guidelines, and deleting the addition of expenditure related to exempt income, contrary to the Revenue's arguments. The ITAT emphasized adherence to RBI guidelines and the application of relevant tax provisions, resulting in the dismissal of the Revenue's appeal in both instances. en-us Sat, 31 May 2014 00:00:00 +0530 Wed, 25 Feb 2015 07:58:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256891 The Income Tax Appellate Tribunal (ITAT) upheld decisions favoring a bank in an appeal for the assessment year 2007-08. The ITAT ruled in favor of the bank on two issues: allowing depreciation claim on the valuation of the investment portfolio treated as stock-in-trade, despite non-compliance with RBI guidelines, and deleting the addition of expenditure related to exempt income, contrary to the Revenue's arguments. The ITAT emphasized adherence to RBI guidelines and the application of relevant tax provisions, resulting in the dismissal of the Revenue's appeal in both instances. Case-Laws Income Tax Sat, 31 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256891