https://www.taxtmi.com/caselaws?id=178019 For a banking assessee, broken period interest on government securities treated as stock in trade was deductible, and amortisation of premium on held-to-maturity securities was allowable in principle. Loss from staff fraud was accepted as a business deduction, and interest on non-performing assets was not treated as accrued income where recovery of the principal was doubtful and recognition followed prudential banking norms. Claims relating to gratuity and deduction under section 36(1)(viia) were remitted for fresh examination on the material. A revision under section 263 was upheld because provision for standard assets was held to be contingent and not equivalent to provision for bad and doubtful debts. en-us Mon, 29 Apr 2013 00:00:00 +0530 Thu, 11 May 2017 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178019 For a banking assessee, broken period interest on government securities treated as stock in trade was deductible, and amortisation of premium on held-to-maturity securities was allowable in principle. Loss from staff fraud was accepted as a business deduction, and interest on non-performing assets was not treated as accrued income where recovery of the principal was doubtful and recognition followed prudential banking norms. Claims relating to gratuity and deduction under section 36(1)(viia) were remitted for fresh examination on the material. A revision under section 263 was upheld because provision for standard assets was held to be contingent and not equivalent to provision for bad and doubtful debts. Case-Laws Income Tax Mon, 29 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178019