https://www.taxtmi.com/caselaws?id=268988 Where a bank holds government securities as stock-in-trade, closing valuation at cost or market value, whichever is lower, is permissible and the resulting depreciation is deductible in computing taxable income. The Tribunal applied the RBI framework distinguishing held to maturity, available for sale, and held for trading securities, and noted that CBDT circulars also recognise that bank securities may constitute trading assets depending on the facts. Following the assessee's accepted treatment in an earlier year, it upheld the depreciation claim on investment securities and rejected the Revenue's challenge. en-us Wed, 14 Oct 2015 00:00:00 +0530 Wed, 23 Dec 2015 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268988 Where a bank holds government securities as stock-in-trade, closing valuation at cost or market value, whichever is lower, is permissible and the resulting depreciation is deductible in computing taxable income. The Tribunal applied the RBI framework distinguishing held to maturity, available for sale, and held for trading securities, and noted that CBDT circulars also recognise that bank securities may constitute trading assets depending on the facts. Following the assessee's accepted treatment in an earlier year, it upheld the depreciation claim on investment securities and rejected the Revenue's challenge. Case-Laws Income Tax Wed, 14 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268988