https://www.taxtmi.com/caselaws?id=169993 The Tribunal held that the reassessment proceedings under Section 148 were invalid due to a lack of fresh material indicating income escape. Unrealized interest on NPAs was allowed as a deduction, along with broken period interest on HTM securities treated as stock-in-trade. Depreciation on HTM securities was also allowed. Notional profit on sales of investments in the trading book was not taxable. Operating expenditure for tax-free income was partly disallowed. Deductions under Section 35D and provision for standard assets were disallowed. Provision for leave encashment was disallowed unless actually paid. The Tribunal issued separate judgments for each appeal, with some fully allowed and others partly allowed. en-us Thu, 04 Apr 2013 00:00:00 +0530 Thu, 14 May 2015 08:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169993 The Tribunal held that the reassessment proceedings under Section 148 were invalid due to a lack of fresh material indicating income escape. Unrealized interest on NPAs was allowed as a deduction, along with broken period interest on HTM securities treated as stock-in-trade. Depreciation on HTM securities was also allowed. Notional profit on sales of investments in the trading book was not taxable. Operating expenditure for tax-free income was partly disallowed. Deductions under Section 35D and provision for standard assets were disallowed. Provision for leave encashment was disallowed unless actually paid. The Tribunal issued separate judgments for each appeal, with some fully allowed and others partly allowed. Case-Laws Income Tax Thu, 04 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169993