https://www.taxtmi.com/caselaws?id=11606 Government securities held by banks to satisfy statutory liquidity requirements may still form part of banking stock-in-trade, so year-end revaluation loss is deductible in computing business income. Reassessment initiated after four years is invalid where there is no recorded failure by the assessee to disclose fully and truly all material facts; a later judicial decision alone does not satisfy the proviso to section 147. Broken period interest on purchase of securities is also an allowable business deduction. On the stated principles, the appeals were unsuccessful and the assessee's treatment was upheld. en-us Thu, 07 Nov 2002 00:00:00 +0530 Tue, 30 Sep 2025 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11606 Government securities held by banks to satisfy statutory liquidity requirements may still form part of banking stock-in-trade, so year-end revaluation loss is deductible in computing business income. Reassessment initiated after four years is invalid where there is no recorded failure by the assessee to disclose fully and truly all material facts; a later judicial decision alone does not satisfy the proviso to section 147. Broken period interest on purchase of securities is also an allowable business deduction. On the stated principles, the appeals were unsuccessful and the assessee's treatment was upheld. Case-Laws Income Tax Thu, 07 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11606