https://www.taxtmi.com/caselaws?id=258092 The High Court of Bombay dismissed the revenue's appeal against the Income Tax Appellate Tribunal's decision for the assessment year 2008-09. The case involved a Co-operative bank under the Maharashtra Co-operative Societies Act, 1960, disputing the disallowance of losses on shifting classified securities. The Tribunal and High Court upheld the bank's position, emphasizing compliance with RBI guidelines on valuation and write-off procedures. The judgment underscored the importance of consistent treatment for Co-operative banks based on banking policies, leading to the dismissal of the revenue's appeal without costs. en-us Tue, 17 Mar 2015 00:00:00 +0530 Mon, 30 Mar 2015 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258092 The High Court of Bombay dismissed the revenue's appeal against the Income Tax Appellate Tribunal's decision for the assessment year 2008-09. The case involved a Co-operative bank under the Maharashtra Co-operative Societies Act, 1960, disputing the disallowance of losses on shifting classified securities. The Tribunal and High Court upheld the bank's position, emphasizing compliance with RBI guidelines on valuation and write-off procedures. The judgment underscored the importance of consistent treatment for Co-operative banks based on banking policies, leading to the dismissal of the revenue's appeal without costs. Case-Laws Income Tax Tue, 17 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258092