https://www.taxtmi.com/caselaws?id=260627 The Tribunal allowed the appeal filed by the assessee, directing the Assessing Officer to permit the amortization premium paid on Govt. Securities debited to the Profit and Loss Account in accordance with RBI guidelines. The Tribunal emphasized that securities held by banks are akin to stock-in-trade, not just investments, and thus the loss on their sale is a revenue expense. Citing previous judgments and consistent decisions from other Benches, the Tribunal ruled in favor of the assessee, overturning the CIT(A)'s disallowance decision. en-us Wed, 27 Nov 2013 00:00:00 +0530 Fri, 19 Jun 2015 09:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260627 The Tribunal allowed the appeal filed by the assessee, directing the Assessing Officer to permit the amortization premium paid on Govt. Securities debited to the Profit and Loss Account in accordance with RBI guidelines. The Tribunal emphasized that securities held by banks are akin to stock-in-trade, not just investments, and thus the loss on their sale is a revenue expense. Citing previous judgments and consistent decisions from other Benches, the Tribunal ruled in favor of the assessee, overturning the CIT(A)'s disallowance decision. Case-Laws Income Tax Wed, 27 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260627