https://www.taxtmi.com/caselaws?id=179909 For tax purposes, forfeited share money credited to reserve was treated as a capital receipt and not taxable under section 41(1), because it arose from unpaid share capital rather than a waiver of business liability. Depreciation on government securities was allowed where the bank held them as part of banking stock-in-trade, since their true character depended on the facts and not merely on classification. Amortisation of premium on held-to-maturity government securities was also allowable as a business deduction, as the excess cost was spread over the remaining period to maturity under banking practice and regulatory guidance. en-us Wed, 31 Jul 2013 00:00:00 +0530 Mon, 27 Feb 2017 13:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179909 For tax purposes, forfeited share money credited to reserve was treated as a capital receipt and not taxable under section 41(1), because it arose from unpaid share capital rather than a waiver of business liability. Depreciation on government securities was allowed where the bank held them as part of banking stock-in-trade, since their true character depended on the facts and not merely on classification. Amortisation of premium on held-to-maturity government securities was also allowable as a business deduction, as the excess cost was spread over the remaining period to maturity under banking practice and regulatory guidance. Case-Laws Income Tax Wed, 31 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179909