https://www.taxtmi.com/caselaws?id=267772 A bank's securities held under Held to Maturity classification were treated as stock-in-trade where acquired in the course of banking business and maintained under RBI prudential norms, so amortisation of premium on those securities was allowable as a business deduction. On the same reasoning, loss on compulsory redemption of bonds was characterised as a revenue loss, not a capital loss, because the bonds formed part of the bank's commercial investment activity and liquidity management. The document also states that an assessment cannot be sustained where the mandatory notice under section 143(2) is issued beyond the statutory time limit after reopening proceedings. en-us Wed, 30 Sep 2015 00:00:00 +0530 Sat, 14 Nov 2015 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267772 A bank's securities held under Held to Maturity classification were treated as stock-in-trade where acquired in the course of banking business and maintained under RBI prudential norms, so amortisation of premium on those securities was allowable as a business deduction. On the same reasoning, loss on compulsory redemption of bonds was characterised as a revenue loss, not a capital loss, because the bonds formed part of the bank's commercial investment activity and liquidity management. The document also states that an assessment cannot be sustained where the mandatory notice under section 143(2) is issued beyond the statutory time limit after reopening proceedings. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267772